If there is any major Wall Street strategist covering Bitcoin, it has to be Tom Lee. As the co-founder of Fundstrat Global Advisors, Lee is one of the few strategists who already talked about Bitcoin and its future. In recent talks to Bloomberg, Lee predicted that Bitcoin is only beginning to rise – even despite the 70% fall from the December all-time high.
Lee urged caution during the Bitcoin record “bull run”. He said that the cryptocurrency established a pattern while its bottoms are “V-shaped”. He claims that Bitcoin has registered more than 22 corrections of 10% since 2010.
As he said, during the “bull” periods, it takes 1.7 times the duration of a decline for Bitcoin to recover. If that’s the situation here, Bitcoin will probably reach an all-time high in July this year and set new records.
The investor sentiment towards Bitcoin improved over the past few weeks as Lee noted. Even though the 70% drop was “severe”, every investor should know the nature of Bitcoin and its price movements.
Lee already had some true predictions. He predicted that Bitcoin will increase by 50% (and that happened) in 2017 and that the user activity would rise 10% from the late December levels. He maintains his $25,000 Bitcoin price target for 2022 based on the Bitcoin Investment Trust (GBTC) over the counter price.
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