Fundstrat co-founder Tom Lee believes Bitcoin (Bitcoin) could more than triple this year. The overnight surge in prices has further reinforced his optimism.
"We still feel pretty confident that Bitcoin is a great risk-reward and we think it could reach $25,000 by the end of the year," Lee told CNBC.
Even after the recent surge in prices the largest cryptocurrency is still trading 61 percent below the December heights. Lee says it’s past time Bitcoin recouped those losses.
"It's overdue. Bitcoin was incredibly oversold," he said. "When you look at metrics like price-to-book, which is 'money cost,' or our Bitcoin misery index, it's pretty much what you saw at the end of the 2014 bear market, not the start."
Lee disperses the fears of a prolonged downturn. Lee said earlier this month that US households owed as much as $25 billion in capital gains taxes on their cryptocurrency investments and predicted that the pressure would begin to abate after Tax Day of April 17.
Bitcoin has gained 5.76% over the past 24 hours to top $8,000 for the first time since March 28.