Thomas Lee – partner and Chief Analyst at Fundstrat Global Advisors, stays his position on Bitcoin, saying that $25,000 Bitcoin price is fair. However, he also said that it would need more time for it to get there.
$25,000 is a “Good, Fair Value for Bitcoin”
In a recent interview for Fox Business, popular Bitcoin proponent and financial analyst Tom Lee said that he still thinks $25,000 is a ‘good, fair value for Bitcoin’.
Earlier in 2018, the analyst predicted that Bitcoin price will go up to $25,000 by the end of the year. Obviously, this prediction failed to come true by a long shot.
At the time of this writing, Bitcoin (BTC) is trading at $3,585.21, marking a slight decrease of about 1 percent over the last 24 hours.
When asked about whether or not he regrets making this prediction, Tom Lee said that he still thinks the cryptocurrency’s fair value is about $25,000. He gave a couple of reasons for that.
First, he outlined that Bitcoin has had 70 percent pull-backs four times before. Still, it managed to recover with a new all-time high every time so far. This, he thinks, is a sign of resiliency.
Second, he maintains that cryptocurrencies are becoming an asset class, especially when it comes to millennials. He also outlines that outside of the US there is an interest in a digital asset store of value that’s not traditional money.
This time, however, Lee didn’t put a timeline on when Bitcoin would reach the $25,000 target.
Lee’s position on Bitcoin has been overly bullish throughout 2018. Despite the fact that Bitcoin lost nearly 80 percent of its ATH value by December, the bull then said that the market is wrong.
He outlined that the fair value of BTC in December 2018 was between $13,800 and $14,800. He based his merit on the number of active wallet addresses, average usage per account, as well as other factors influencing the supply.
Do you agree with Tom Lee on Bitcoin’s price? Where do you see Bitcoin going in 2019? Let us know down below!
Images credit to Scott Mlyn, CNBC