According to Tom Lee, managing partner of Fundstrat Global Advisors, investors should not worry, despite the fact that the first cryptocurrency has shown a decline during the past two weeks. The expert assures that gradually bitcoin will again conquer its previous market positions.
A bull from Wall Street believes that the сryptocurrency is gradually restoring its market share. Tom Lee made his current forecast on the basis of news from the SEC.
"The news that we have seen, from the SEC saying bitcoin's a commodity, to ... the potential for an [exchange-traded fund] is causing investors to decide that bitcoin is the best house in a tough market," he said on CNBC.
It’s not the first time the analyst gives his forecast for the cost of bitcoin. Here is what he said earlier:
- In January 2018, when bitcoin price dropped to $9,000, he claimed that the coin would rise in price to $25,000 by the end of the year.
- He held the same opinion in March 2018. Tom Lee was confident that bitcoin still had to drop to $6,000 in 2018, but the cryptocurrency would reach $25,000 by the end of the year.
- However, in July 2018, the analyst slightly lowered the forecast of the bitcoin course. He said that by the end of the year the price of the cryptocurrency will reach $22,000.
- Tom Lee also suggested that the price of BTC will reach $91,000 by March 2020.