Tom Lee of Fundstrat has offered more optimism on how he sees the future of Bitcoin’s market.
At the beginning of the month, the Bitcoin analyst claimed that he thinks that Bitcoin is the “best house in a tough neighborhood” and that investors should stay focused on the leading cryptocurrency and his confidence in Bitcoin remains ever stable.
In an interview last week on CNBC’s Trading Nation, Lee declared that he thinks that the financial end of the year will see cryptocurrency “explosively higher,” than it is at present. He suggests this after taking a correlation between Bitcoin and emerging markets.
In January, Lee predicted that Bitcoin would be valued at $25,000 USD by the end of the year and in March, Lee forecast that Bitcoin would be reaching $91,000 USD by the year 2020, and maintained his prediction regarding the end of the year’s mark. A couple of months later, the financial expert announced that he was lowering his prediction for the year-end value to a still remarkable $22,000 USD.
Now, the Fundstrat CEO is claiming that he “still think[s] it’s possible” that the cryptocurrency’s price could swell up to $25,000 USD, taking the relationship between Bitcoin’s price and BlackRock’s iShares MSCI exchange-traded fund (ETF) as a marker on which to base his prediction.
Lee pointed out that there is an “important correlation” in their markets:
“Both really essentially peaked early this year, and they both have been in a downward trend… Until emerging markets begin to turn, I think in some ways that correlation is going to hold and tell us that sort of the risk on mentality is those buyers aren’t buying Bitcoin.”
The well-known Bitcoin advocate known for his bullish stance is looking at the market and seeing a shift in favor of cryptocurrency and the Wall Street market. We will know whether or not his predictions come to fruition in a mere four months from now.
Currently, Bitcoin has seen a 0.62% increase in day-on-day trading an is sitting on a $6,750.727 USD valuation.