Tom Lee, managing partner at Fundstrat Global Advisors, has revealed he sees a bitcoin price target of $100,00 by the end of the year as “pretty reasonable,” as he expects equities markets to rally when COVID-19 cases start dropping in the United States.
During an interview with CNBC, first spotted by CryptoPotatio, the strategist revealed that the entire financial industry would see growth and head towards new highs once coronavirus infectors drop, effectively predicting an economic boom in the near future.
Commenting on his BTC price target, he said:
A hundred thousand into year-end is pretty reasonable.
Lee’s bullish predictions came as the Institute for Health Metrics and Evaluation (IHME) forecasted COVID-19 cases in the U.S. will soon peak, meaning that after the peak they will start decreasing. The IHME also did not forecast a renewed wave of cases for the fall.
Lee, who has in the past predicted the flagship cryptocurrency could hit $125,000 even as bearish sentiment started taking over the market when Tesla announced it would no longer be accepting bitcoin payments for electric vehicles over environmental concerns, said the panic surrounding coronavirus infections would decline, leading to a fresh rally.
The strategist also argued the crypto industry would be in a “risk-on” atmosphere by the end of the year, which could see cryptoasset prices keep on surging. Earlier, the analyst revealed he was confident the crypto market would move past comments from influential figures and organizations.
He also doubled down on bitcoin’s advantages when he made his previous price prediction, and highlighted the cryptocurrency has never seen a fraudulent transaction since it was launched. As for BTC’s declining market dominance, he argued it will “actually grow during a bear market”
Lee, it’s worth noting, accurately called late last year the price of bitcoin would go to $40,000 this year
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
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