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Tom Lee remains bullish about Bitcoin amid a bear market that affected most of the cryptocurrencies. Since November 14, Bitcoin (BTC) and other virtual currencies plummetted to year lows. However, Mr. Lee believes that Bitcoin will hit $15,000 by the end of the current year. He said this during an interview on CNBC’s Squawk Box a few days ago.
Bitcoin $15,000 Before 2019
Thomas Lee, Managing Partners and Head of Research at Fundstrats Global Advisors remains bullish about Bitcoin. During a conversation with CNBC, he said that digital assets are going to be relevant in a world that is increasingly digital.
At the beginning of the current year, Lee said that Bitcoin was going to be traded around $25,000 dollars by the end of 2018. However, he reviewed his predictions throughout the year. In July he said that Bitcoin was going to be worth $22,000 dollars. This prediction did not last long, in August he changed retracted and mentioned that Bitcoin would be at $25,000 dollars.
Due to the fact that after November 14, Bitcoin and the market plummetted, Thomas Lee changed his position. He said that Bitcoin could hit $15,000 dollars by the end of the year. During the interview with CNBC, he confirmed this positions.
At the same time, he talked about the future potential of cryptocurrencies. He explained that although the adoption is not massive today, cryptocurrencies have a great potential.
Currently, Bitcoin is being traded close to $4,560 dollars according to CoinMarketCap. It also has a market capitalization of almost $80 billion dollars. In the last 24 hours, Bitcoin registered a negative change in its price of 2.8%. All the top 10 cryptocurrencies are operating negatively with the exception of Tether (USDT) the most popular stablecoin.
If Lee’s prediction is accurate, Bitcoin would have to grow 228% in the next few weeks before 2019. There are other crypto-analysts and important figures that are also trying to calm the markets down and bring some hope. John McAfee wrote a tweet in which he answered that in 25 months Bitcoin could reach $1 million dollars.
https://twitter.com/officialmcafee/status/1064773184568864768