Tom Lee, the head of research at Fundstrat Global Advisors, has recently revealed to CNBC that he is still predicting Bitcoin to go to $15,000 by the year’s end — despite the price of BTC sinking to new 2018 lows this week.
Tom Lee is no stranger to making outrageous and far-fetched predictions on the values of cryptocurrencies in the short and long term. Earlier this year, he predicted Bitcoin would reach $25,000 by the year’s end and that Ethereum would rally to $1,900 by the end of 2019.
Lee recently sat down with CNBC to discuss his thoughts on the recent cryptocurrency market downturn and price trajectories for the future, while singing a different tune.
Bitcoin plunged Tuesday and fell as low as $4,200.22.
This time around, Lee cut back his Bitcoin (BTC) prediction a bit by concluding its year-end price would actually be $15,000 — a number most would still consider near impossible considering there is only a little over one month left.
This estimate is especially unlikely considering Bitcoin fell to a new 2018 low point this week of $4,350 — an entire 25 percent lower than its previous 2018 low of $5,800 at the end of June.
At this point, many are claiming capitulation is in the air as Bitcoin sits currently down 76 percent from its Dec 2017 all-time high.
While a spike to $15,000 is unlikely, Lee is still bullish on digital assets in the long-term.
At the beginning of October, Lee and the Fundstrat team polled a group of financial institution heads to get an idea of where cryptocurrency would be headed for the year’s end and into 2019 — then gave the same poll publically to Twitter users in an attempt to compare the market sentiment among a spectrum of types of investors.
One of the most divisive questions from the poll asked if the bottom of the market was in ($5,800 at the time of polling), or if there was still going to be a move further to the downside. A higher percentage of financial investors thought that the market had already bottomed. As it turned out, they were wrong.
The recent lows have slapped investors and developers alike in the face with a fistful of reality — and while $15,000 by the year’s end would be a sight to behold, it all just feels like hopium.
Do you think Tom Lee’s prediction will come true before 2019? Are we yet to see a bottom in the cryptocurrency market? Let us know your thoughts in the comments below!
Images courtesy of Twitter, TradingView.