Tom Lee’s Fundstrat: Could Hit $ 200,000 Bitcoin By 2022
In a webinar hosted by investment education platform Current market Rise up, Tom Lee, Managing Partner at Fundstrat International Advisors predicted that Bitcoin price could reach $ 200,000 by 2022. BTC changes hands. at $ 51,206.
BTC / USD 4-hour chart | Source: TradingView
Bitcoin price could reach $ 200,000 in 2022
While Lee believes crypto returns will be disappointing in 2021, he predicts that the flagship cryptocurrency will do better next year. Not just crypto, he also expects crypto stocks to have a great year in 2022.
Bitcoin rebounded to its current all-time high of $ 69,044 on November 10, followed by a sharp correction. It is currently changing hands at $ 51,067 after eliminating some of its recent losses. BTC failed to produce the solid year-end rally that many bulls were expecting.
Despite the high for the year, Bitcoin experienced a major crash in the second quarter. The triggers were environmental concerns surrounding the proof-of-work consensus algorithm and China’s draconian crypto ban.
The bulls’ failure to maintain momentum in November put an end to Lee’s hopes of hitting his repeated $ 100,000 target by the end of the year. Lee’s critics often despise Lee for overly optimistic predictions.
This criticism is not unfounded: Fundstrat gave up predicting Bitcoin’s price development in December 2018 after Lee, head of the market, made some bitter appeals.
Lee redeemed himself last year after correctly predicting the rapid recovery of the stock market from the pandemic-induced crash.