According to Fundstrat’s Tom Lee, bitcoin is likely to double by the end of the year when the entire cryptocurrency market recovers at the end of the summer.
He also says that announcements by some huge company names about cryptocurrencies can help the price rise immensely. Japanese company Rakuten already announced that they are planning to launch their own crypto called Rakuten Coin.
Tom Lee expects the market to recover. Following the historical price trends, this seems pretty likely. The announcement by Rakuten is only one example of how positive the further developments can play out for bitcoin and the end of the year.
Lee is the only Wall Street strategist to claim a price target on bitcoin of $20.000 and he even believes it can surpass that. He also thinks that the great performance of certain altcoins such as Zcash and Ripple after a huge drop indicates that investors should probably avoid them until late March.
Also, another key is the announcement of the Japanese messaging app in which they say they will launch a new platform where users can exchange digital currencies. Starbucks also pointed out how the company is willing to use the blockchain technology for a payment application. Amazon could also apply some similar strategies. Even Facebook’s CEO Mark Zuckerberg said that his company will happily look into cryptocurrencies this year.
So basically, as statistics show the end of year predictions usually play in favor of Bitcoin but it’s never a good idea to invest all that you have and hope for the best. Keep in mind to always invest what you can afford and keep a close eye on the bitcoin price movement.
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