Lee stated that the hyper volatility of Bitcoin could help it reach USD 100,000 by the end of the year. He restated his prediction in May even though the cryptocurrency is in the penalty area.
In recent days, Tom Lee of Fundstrat made a new prediction on CNBC television. He restated that the price of Bitcoin could reach USD 100,000 by the end of 2021.
The executive discussed the current state of the markets and his advice on Bitcoin after it reached its highest level since mid-May.
Lee is the co-founder of Fundstrat Global Advisors, an independent research firm. Additionally, he is a Wall Street analyst known for his positive attitude towards Bitcoin. Due to his many years of experience in analyzing the stock market, his predictions are hugely popular.
According to the analyst, there is a new trading rule for Bitcoin. Therefore, the price is heading to USD 100,000.
Lee Predicts Bitcoin Will Hit USD 100,000
Tom Lee stated on CNBC that the hyper volatility of cryptocurrencies creates opportunities and rewards. In that regard, he expressed that he believed that Bitcoin could still reach USD 100,000 by the end of the year.
The co-founder of Fundstrat considers that Bitcoin has a USD 100,000 opportunity on every rally that sweeps the stock market.
In that sense, he said that the stock market could see a significant rebound by the end of 2021. That would be part of a rally of everything the drop in cases of the delta variant has caused to some extent.
Lee noted that hysteria about the steady rise of the delta variant continues to grow. However, he reported that the Institute for Health Metrics and Evaluation (IHME) predicts COVID-19 infections will peak this week. He also stressed that the IHME does not expect a new wave of cases in the fall.
According to Lee, the risky atmosphere that could increase towards the end of the year will help drive various market segments. Bitcoin as one of those sectors encourages him to predict that the cryptocurrency will have a broad rally.
Forecast about Bitcoin that Fundstrat Previously Made
Curiously, Tom Lee reiterates his prediction in May even though Bitcoin is now in the penalty area. He said that he continues to think that its price may end the year above USD 100,000.
Other top analysts who have predicted the price of Bitcoin include Michael Saylor (USD 5,000,000), Paul T. Jones (USD 100,000), Dan Tapeiro (USD 387,000), Adam Back (USD 300,000), Tim Draper (USD 250,000), and Pomp (USD 1,000,000).
Despite the drastic drop in the value of Bitcoin from its recent highs, it continues to rise. The cryptocurrency is trading at around USD 45,000 and has grown by 9.2% in the last seven days, according to CoinGecko.
The relevance of Bitcoin in the world economy and the recent recovery in its price prove that it has not yet reached its maximum level. It is a matter of time before the predictions of the abovementioned analysts and Tom Lee come true.
By Alexander Salazar
