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.

BTC holds $48K as Evergrande forms ‘Lehman Brothers moment’ for China
Bitcoin (BTC) cautiously held $48,000 on Thursday as excitement brewed over a boost thanks to China seeing its “Lehman Brothers moment.” BTC/USD 1-hour...
Australian crypto businesses tell Senate inquiry about being de-banked up to 91 times
Crypto-related companies and figures have provided evidence about being de-banked by Australian financial institutions to a Senate inquiry. Crypto investment...
​​Cream Finance will integrate with Polkadot blockchain using Moonbeam
Decentralized finance project ​​Cream Finance will bring its lending and borrowing services to Moonbeam, a smart contract platform on Polkadot. In a Thursday...
Dutch Bitcoin family reveals how they safeguard a fortune in crypto
A family that went all-in on Bitcoin back in 2017 has revealed their secrets to safeguarding the asset now that it has increased in price by around 5,000%.The...
Former Bitmain CEO Jihan Wu raises fresh capital for new crypto unicorn
Jihan Wu became a prominent name in crypto after co-founding Bitmain Technologies in 2013 and taking it public in 2018. His latest venture, Matrixport, raised new...
Dapp for Diem blockchain partners with Polkadot infrastructure provider
The decentralized application aiming to connect Facebook’s Diem blockchain with public networks is partnering with node infrastructure provider Pinknode.In...
Messari: USDC set to become ‘dominant’ stablecoin on Ethereum
USDC has grown much faster than Tether (USDT) in 2021 and it is emerging as the dominant stablecoin on Ethereum thanks to its popularity in DeFi according...
CEOs of top Russian banks Sberbank and VTB blast Bitcoin
Sberbank and VTB, the two biggest banks in Russia, are not willing to move into the cryptocurrency market in the near future as their CEOs believe that...
Dogecoin whale activity slows down as billions of dollars depart blockchain
After a flurry of activity that saw Dogecoin (DOGE) briefly process a higher dollar value of daily transactions than Bitcoin (BTC) and Ether (ETH) combined,...
Altcoins soar while Bitcoin and Ethereum price stall near key levels
On May 26 the the bullish momentum that had propelled Bitcoin and altcoins into a relief rally was somewhat subdued as traders remain unsure of what may...
Chia raises $61M for ‘eco-friendly’ crypto despite critics
Blockchain startup “Chia Network” has raised $61 million in a funding round which included investment from top venture capital firms Andreessen Horowitz...
Another UK bank serves anti-crypto notice to customers
Corporate clients of NatWest may soon lose their banking relationship with the United Kingdom-based lender amid recent negative cryptocurrency-related policy...
Rothschild Investment Corp snaps up quarter of a million shares in Grayscale ETH Trust
Chicago-based financial institution Rothschild Investment Corp, has acquired 265,302 shares in Grayscale’s ETH trust, according to a filing on April 15...
Digital asset manager behind Canada's first BTC fund hopes to launch Bitcoin ETF
Investment fund manager 3iQ has partnered with Coinshares to launch a Bitcoin exchange-traded fund in Canada. According to an announcement from 3iQ, the...
Bitcoin or Ethereum: Who to Steal The Show in 2018?
With its ups and downs, sure enough, 2017 was a year of bitcoin. However, things tend to change, so, in the opinion of Jez San, the CEO of FunFair Technologies,...