A few days ago Fundstrat’s research head Tom Lee predicted bitcoin’s price to spike to $15,000 by the end of the year once it passes the breakeven point. However, yesterday, on November 20, bitcoin instead of heading towards necessary $7,000, went down by 16% reaching the low of $4,272 as per coinmarketcap.com. This was the lowest rate since last year but Lee refuses to give up on his prediction.
May $15,000 Prediction Still Get Fulfilled?
In a conversation with CNBC journalist, the Wall Street bitcoin-bull Lee said he is holding on on his previous forecast and believes the «big daddy» will recover despite the correction. Earlier he explained the massive selloff by the panic in the market related to the fragility of global markets, SEC’s unfriendliness with cryptos and the recent Bitcoin Cash hard fork.
Last week Wall Street strategist announced he nearly haled his $25,000 bitcoin prediction, which he expected to be fulfilled by the end of 2018, to $15,000. If bitcoin manages to survive the turmoil and act according to Lee’s expectations, it will gain 250% in value to climb to expert’s price target.
The expert said the overall recovery and surge by the end of 2018 is possible if more institutional capital flows into the crypto-ecosystem and if US regulators surveil the market as well. For now, it could also be the decline in tech stocks which affected BTC investors.
In the CNBC interview, Lee called the past days «a negative development.» Indeed, prices for many coins were falling 15% yesterday. As of writing, the top-100 crypto-coins are showing lightweight recovery by few percents as they have turned green. Bitcoin is being traded at $4,643. Lee still believes the «fair price» for BTC is $7,000, but the coin will have to gain 66% of its value to get to the target.
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