Tom Lee Lee, co-founder and director of research at Fundstrat Global Advisors, insists that the price of Bitcoin will reach $200,000. The analyst says that now the US household net worth is $141.7 trillion and people are guaranteed to lose the money they hold on bonds in the next ten years. Therefore, the analyst expects a lot of speculative capital to flow into cryptocurrencies.
According to Lee, the speculative capital will be huge. According to the analyst, cryptocurrencies are interesting because every transaction can be tracked. Lee also points to the fact that cryptocurrencies are “much easier” to manage and move. This feature makes cryptocurrencies a viable payment option. However, the analyst sees the high Bitcoin price as a barrier to adoption, so he believes the industry could benefit from giving prices in satoshis.
According to Lee, Fundstrat's entry into the crypto space has been met with mostly skepticism and ridicule. However, many of the firm's clients have come to view crypto as a legitimate asset class as it has proven itself. Lee thinks that “definitely” another dominant cryptocurrency could emerge in the next decade.
Lee predicted that BTC would exceed $100,000 but peaked at $69k before falling. The analyst faced a lot of criticism for his unsuccessful forecasts. In his most recent interview, the Fundstrat boss stressed that people should not put large amounts of crypto into their portfolios.
Tom Lee increased his year-end Bitcoin price target from $100,000 to $125,000, despite the odd U-turn made by Elon Musk last year.
Bitcoin (BTC) Strikes Again
Bitcoin, the largest cryptocurrency in terms of market capitalization, faced a sharp decline a while ago. With this decline, Bitcoin also fell below the $42,000 level. BTC traded at these levels for a while after this drop.
However, today, the price started to increase as the leading cryptocurrency Bitcoin changed direction again. So much so that Bitcoin, which declined to $ 41,900 during the day, started a rapid increase.
With this increase that started in Bitcoin, the price managed to rise above $ 43,600. However, Bitcoin is currently facing significant resistance near $43,800.
According to experts, Bitcoin can continue its increase if it successfully breaks the $43,800 resistance zone. The next major resistance is near $44,850, above which the price could rise as high as the $45,500 resistance level.