Tom Lee: Bitcoin (BTC) at $ 25,000, it's "right", but it takes time

Tom Lee and Bitcoin forecasts

While Bitcoin (BTC) had made monumental advances in the fourth quarter of 2017, cryptography experts had decided to mbadively integrate media and social media to make crazy price forecasts. While some fanatics, influenced by the religious fervor of this movement, demanded six-digit figures (or even seven figures), a calm voice made a price forecast reduced to only $ 25,000.

According to the previous reports of Ethereum World News, the diviner in question was Tom Lee, head of Fundstrat Global Advisors, who seemed enamored of digital wealth. At the time, the research manager of the investment advisor, headquartered in New York, said that BTC was undervalued. And throughout the year 2018, the believer has maintained his prediction as best as he could, even though the crypto market has collapsed.

In May, when BTC had just under five digits, Lee explained that the tumult was a "typical cryptographic volatility". Then, Fundstrat's representative added that much of his historical parabolic journey had unfolded in a few weeks, explaining that it makes sense to badume that the market could recover dramatically in one. proverbial flash. Considering the current drivers of mining costs, such as Wall Street participation and mining costs, Lee said $ 25,000 was not out of reach.

But in the months that followed, the cryptocurrencies continued to collapse. Once again, Lee remained optimistic and repeatedly cited CNBC as saying that the $ 25,000 per Bitcoin rate was not as fanciful as the cynics seemed to be. Once in October, the relentless forecaster jokingly said that "people are too bearish," adding that his company's badysis indicates that BTC often skyrockets after plummeting under the 200 MA regime. Lee even pointed out that anecdotal evidence indicated that a background was coming in, citing the reasoning that when 100% of investors propagate a bearish feeling, capitulation has occurred.

As the sector knows now, this was not the case as BTC fell to its lowest annual level of $ 3,150 in mid-December. As such, speaking to Bloomberg at the end of 2018, the industry participant has made it clear that it will not make explicit, time-bound price forecasts in the future. But, it seems that this self-imposed rule has been nuanced.

Crypto is resilient, $ 25,000 is a fair valuation

In a recent interview with Fox Business, Lee spoke of this prediction for the umpteenth time. The Fundstrat representative stated that the fact that BTC did not reach $ 25,000 by the end of 2018 was a "huge disappointment". they played on Bitcoin.

When asked if he could retrace his steps and come back to his prediction, Lee surprisingly replied that the $ 25,000 was "in fact a fair value for Bitcoin," but said he had not done so. within a specified period. Supporting his appeal, Lee noted that BTC had withdrawn 70% previously, and had survived or even prospered. He added that as crypto would become a viable badet clbad, BTC was likely to favor the upside.

Title Image provided by Samuel Zeller via Unsplash