Fundstrat's Tom Lee expects the cryptocurrency market to recover by the end of March, CNBC reported.
Lee expects Bitcoin (Bitcoin) to double from the current price helped by historical price trends and crypto-related announcements by some major companies, including Japanese e-commerce company Rakuten, which said it is planning to launch a cryptocurrency called "Rakuten Coin.”
"The announcement by Rakuten is another example of positive developments in crypto in 2018, suggesting the large sell-off in Bitcoin and others at the start of the year was an overshoot to the downside," said Lee.
Lom Lee, the only major Wall Street strategist to issue formal price targets on Bitcoin, maintained his midyear Bitcoin price target of $20,000 and a year-end target of $25,000.
Co-founder and head of research at Fundstrat Global Advisors also pointed out that Bitcoin's low for the year has typically occurred in the first two months of the calendar year. That was the case in six of the last seven years, he said.
Bitcoin was trading near $10,450 Wednesday morning, up about 2.9 percent for February but down nearly 21 percent for the year.