Tom Lee Stands By His $25,000 Bitcoin Prediction

Tom Lee Stands By His $25,000 Bitcoin Prediction

Bitcoin’s price has been fluctuating throughout this summer, getting fixed at around $6,700-$7,000 at the end of August. The coin might be showing some positive traits but the results are still too far from the “big daddy’s” early surges. Right now bitcoin is around $12,000-$13,000 cheaper than in mid-December 2017.

Experts have been predicting bitcoin’s growth by the end of 2018, but still, no one exactly knows when the ‘crisis’ will end. However, Fundstrat’s Tom Lee advises, we might all look at the emerging markets and get a hint of the increase.

Our top trading bots

In an interview with CNBC, Mister Lee, known as an inveterate bitcoin-bull, underscored there is a crucial promising correlation between such markets and the most known cyber asset.

A Slippery Slope?

Speaking about the correlation, Lee emphasized that both bitcoin and emerging markets early this year have seen an increase and have been sloping down too. Therefore, Fundstrat’s head of research believes we need to look at the emerging markets – when they start recovering or showing any risks, that will be meaningful for bitcoin too.

According to his words, hedge funds aren’t purchasing risks when there is a sell-off on emerging markets. But neither are they buying BTC units. Interestingly, this year iShares MSCI Emerging Markets Index ETF has gone down by 8%, bitcoin, in the meantime, lost 65% of its value since last year December.

Despite this, Lee still asserts it is probable bitcoin “explosively” goes up to $25,000 before 2019 starts. To support his own words, the bull, who owns bitcoin, said there were trends changing from the downward to upward ones. Both emerging markets and bitcoin, as per his predictions, might benefit once the dollar becomes less strong and the Federal Reserve decreases its interest rate hike policy.

New industry, new rules: Building the Metaverse without bias
While the COVID-19 pandemic decimated certain industries like tourism and retail, other entirely new industries have emerged. Two years ago, the concept...
Jim Cramer: Coinbase stock is cheap, put 5% of your portfolio in crypto
Jim Cramer, the host of CNBC’s “Mad Money” has recommended buying Coinbase stock, and suggested that 5% of investment portfolios should be allocated to...
Just HODL! Bitcoin and Ethereum outperform ‘lower risk’ crypto index funds
In the past two decades, index and exchange-traded funds (ETF) have become some of the most popular forms of investing because they offer investors a passive...
Four North American Bitcoin miners that could benefit from the East-West shift
Even before China finally wielded the ban hammer on crypto mining, Bitcoin (BTC) miners in North America had been building up their capacity amid efforts...
Bitcoin's evolving narratives make it antifragile
Over the years, Bitcoin has been able to overcome naysayers by frequently reinventing its narrative. Because Bitcoin (BTC) is multifaceted, it is able to...
TP ICAP to launch Bitcoin exchange with Fidelity, Standard Chartered
Major global interdealer broker TP ICAP is launching a cryptocurrency trading platform with Fidelity Investments and British banking giant Standard Chartered.TP...
Mark Cuban calls for stablecoin regulation in wake of Iron Finance 'bank run'
Billionaire investor and DeFi proponent Mark Cuban has called for stablecoin regulation after losing money on what he dubbed as a “rug pull” on the Iron...
Capture the industry? Token IPOs aim for $200T global capital market
Earlier in May, INX Limited — a Gibraltar-based blockchain trading platform — announced the completion of its INX token sale event, which took place via...
DOGE surges as Elon Musk says he’s working with devs to ‘improve efficiency’
Elon Musk’s latest foray into crypto markets came a few hours ago when he tweeted he is working with the DOGE developers to improve the cryptocurrency’s...
Ether balances on centralized exchanges fall to lowest level since June 2019
According to analysis from on-chain analytics provider Glassnode, the sum of Ethereum on exchanges has fallen to its lowest level for almost two years.Glassnode...
Price analysis 4/7: BTC, ETH, BNB, XRP, ADA, DOT, UNI, LTC, LINK, THETA
According to CoinShares, the institutional inflow into crypto products hit $4.5 billion in Q1, which is 11% higher than the intake seen in Q4 2020. This...
‘Silent crash’ as price floors collapse across NFT space
If prices plummet in an illiquid market, how soon before anyone notices?While fungible tokens traded on centralized and decentralized exchanges have significant...
Companies Will Extinct Without Blockchain Adoption, FedEx CEO Says
Companies should adopt such novel tech trends as the blockchain. Otherwise, they could see a soon end. This is the thought expressed by the FedEx CEO...
Russian Blockchain Activists Plan to Sue Google and Facebook For Crypto Ads Ban
Russian cyber money advocates are going to sue technological titans for banning advertising, related to digital assets. An Outright War? The Russian...
Bitstamp Got 30.000 ETH From Vitalik Buterin
Ethereum co-founder Vitalik Buterin transferred to the Bitstamp exchange 30 000 ETH, which at the current rate is almost $ 22 million. It is noteworthy...