In a recent interview with Bloomberg, Fundstrat’s Tom Lee gave a big address on Bitcoin. Lee says that Bitcoin could hit $1,250,000 by June, which will mark a new all-time high for the cryptocurrency. Lee’s prediction contradicts many previous predictions made by experts in the cryptocurrency space, including a Wall Street Journal report from earlier this year that said Bitcoin would run out of steam and eventually fall to under $5,000.
Last week, Fundstrat’s Thomas Lee predicted that bitcoin will be valued at $25,000 by the end of 2020. His reasoning?
Tom Lee, the head of Fundstrat, believes that Bitcoin will be worth $1,250,000 by the end of the year.
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News about Bitcoin
The potential next goal for Bitcoin price was mentioned by the CEO and Managing Director of Fundstrat, an independent research boutique specializing in market analysis and industry research. In a recent interview with CNBC, he predicted that the price of Bitcoin will exceed $1,25,000. His remark and forecast go counter to the present price of Bitcoin, which is at an all-time low.
Tom Lee’s Prognosis
Since Tom Lee’s portrayal, speculations have risen and are all to the opposite. Tom Lee, a self-proclaimed Bitcoin bull, engages in ongoing Bitcoin research, analysis, and market forecasting. He predicts that Bitcoin will reach the $1,25,000 target exponentially. His remark is diametrically opposed to Elon Musk’s portrayal in recent tweets. The whole crypto market suffered a catastrophic collapse as a result of Elon Musk’s statement on his decision to stop accepting Bitcoin payments for his Tesla vehicles. Not only has Bitcoin’s price plummeted, but so have the prices of all other cryptocurrencies. Since the huge drop, few cryptocurrencies, including Bitcoin, have risen in value. From the day of the tweet, the price of BTC fell from $58,000 to $42,000. Despite this, Tom Lee predicted that BTC will hit $1,25,000 this year, a significant increase.
Elon Musk’s recent comments on Bitcoin, he said, are due to investor pressure. Elon’s remarks, he says, will have no effect on the BTC bull, who will undoubtedly fly to higher heights. To back up his claims, he raised the projected price of Bitcoin from $1,00,000 to $1,25,000.
Is Elon to blame for the market’s decline?
The price of BTC plummeted when Elon announced that BTC will no longer be used in Tesla goods. It saw a drop of more than 15%. Elon was criticized and accused by everyone for lowering the costs. Even before Elon’s statement and tweet, the BTC supply to exchanges surged, signaling the sell-off moment. This contradicts the idea that individuals were aware of Elon’s impending decision, which prompted them to invest their BTC in exchanges, or that Elon had nothing to do with the price of BTC.
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