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Besides 2018 being hard on the crypto market, it was also hard on bullish analysts who’s predictions all fell short of the mark.
Tom Lee is no exception, the permabull co-founder of Fundstrat Global Advisors has made several attempts at auguring the future price of Bitcoin (BTC), failing miserably on all.
A prediction back in July saw Lee evaluate BTC at $25,000:
Now that #bitcoin has broken through $8K, @Fundstrat's Tom Lee lays out where the cryptocurrency could go next pic.twitter.com/beflWBiYkQ
— CNBC Futures Now (@CNBCFuturesNow) July 24, 2018
However, this sum was reduced to $15,000 just last month when Bitcoin dropped below $6000:
“this has lead to a renewed wave of pessimism, but we believe the negative swing in sentiment is much worse than the fundamental implications.”
However, this seems to now mark an end of an era as the forecaster has stated in an email to his clients that he no longer wishes to make market predictions:
“We are tired of people asking us about target prices. Because of the inherent volatility in crypto, we will cease to provide any timeframes for the realization of fair value.”
Lee isn’t the only forecaster to get it wrong, many others have fallen short of their predictions, including Mike Novogratz of galaxy digital, who predicted back in November 2017 that BTC would go to $40,000 by the end of 2018 (just a little off by $36k). Novogratz newest forecast predicts that BTC will stay at $3-6k range until institutional investors step in.
Read more: 9 Bitcoin price predictions for 2019 by crypto experts; 9 Ethereum price predictions for 2019 by crypto experts; Tom Lee Trim down his Target of $25000 to $15000