Tom Lee, co-founder of Fundstrat Global Advisors, who is known for his optimistic view of the future of the cryptocurrency market, insists that $25 000 is fair BTC price. He also admits, however, that it would possibly take more time to get there.
While being recently interviewed by Fox Business, Tom Lee said he still believes that $25 000 is a “good, fair value for Bitcoin”.
Back in February 2018, Tom Lee was predicting that bitcoin price would reach $20 000 once again by June 2018 and rise to $25 000 by the end of the year, but neither of these optimistic projections proved to be true. When asked about this erroneous prediction, he said that he still thinks $25 000 is a fair BTC price for at least two reasons.
He pointed out that, firstly, bitcoin has already had 70% pull-backs four times before. However, not only did BTC manage to recover, but also set new price records, thus proving its market survivability.
Secondly, Tom Lee outlined, cryptocurrencies in general have been turning into an asset class, especially for millennials. The analyst also stressed that the interest in bitcoin is higher outside the U.S.. He had earlier made a suggestion about possible correlation between bitcoin and developing markets. Lee sticks to the view that the rapid growth of these markets will have a positive effect on the world’s first cryptocurrency.
This time, however, he was careful enough not to voice exact timeframes. He just said that it may take BTC some time to reach $25 000 threshold.
Tom Lee has been optimistic about bitcoin throughout 2018. Even despite the epic BTC price meltdown, the analyst believed that market is wrong, given the statistics of bitcoin addresses and few other factors.
While speaking at the BlockShow Asia 2018, the analyst stated that the current bearish trend on the cryptocurrency market provides crypto investors with tremendous opportunities.