Aside from the tough few weeks for the cryptocurrency market, Bitcoin Bull Tom Lee Sees Bitcoin Price Doubling in 2018. What is your outlook?
11 January, AtoZForex – The co-founder of Fundstrat Global Advisors, Tom Lee, has shared his long-term Bitcoin price forecast with the public. The Wall Street strategist with the company stated that he is pretty confident that the cryptocurrency market is still in a “price discovery process”. He also believes that Bitcoin’s value can easily double in the current year.
Bitcoin Bull Tom Lee Sees Bitcoin Price Doubling in 2018
Back in November 2017, Mr. Lee has held a bullish position in regards to Bitcoin’s price. He has been encouraging his clients to invest, thus likely making many of them a small fortune. Then, in August 2017, Mr. Lee has confidently foreseen Bitcoin price highs above $6,000 by the end of 2017. Yet, his prediction was much more than outperformed since Bitcoin has hit $10,000 by the end of November 2017.
He has backed his outlook on the steady growth of the leading cryptocurrency price in the first quarter of 2018. Tom Lee has further suggested that Bitcoin is capable of surging higher than the levels it reached back in 2017. He has stated:
“We think that by mid-2018, we're going to be part of the way there, and that's why we get Bitcoin to $20,000. If Bitcoin can actually rise close to that level in the first half of this year, I think in the second half of 2018, we'll see a move bigger than that. So I think Bitcoin is still something you should own.”
Additionally, as Bitcoin Bull Tom Lee sees Bitcoin price skyrocketing this year, he also believes that younger generations are much more likely to invest in Bitcoin in the long term. He has referred to the way how old generations used gold as a store of value:
“We still think the easiest way to look at Bitcoin, on a long-term basis, is as a store of value. As the millennials generate income, they’re going to use it as a replacement for gold. If Bitcoin gets 5 percent of the gold market, that’s roughly $50 000 (per Bitcoin).”
In spite of the tough past few weeks of cryptocurrency market volatility, large traditional financial institutions have been still indicating bullish stances. After the CME and CBOE have launched the Bitcoin futures contracts earlier this December, the New York Stock Exchange has applied for the right to launch Bitcoin Exchange Traded Funds (ETFs) tied to the CME and CBOE products. In the meantime, NASDAQ and Goldman Sachs are also working on their own cryptocurrency trading desks.
These kinds of initiatives from the traditional market participants appear as the key drivers of the cryptocurrency markets. Just like this, following the CME and CBOE Bitcoin Futures Contracts launch, the price of Bitcoin has hit the all-time high at $20,000.
Think we missed something? Let us know it the comments section below.