The head of research at Fundstrat Global Advisors, Thomas Lee, is predicting another good year for the world’s most dominant cryptocurrency. In his latest interview on CNBC’s ‘Fast Money’, he predicted that “2020 should be great for Bitcoin” and explained why.
Tom Lee of @Fundstrat says 2020 is going to be a good year for #bitcoin. He explains. pic.twitter.com/oEHiEJKE4m
— CNBC’s Fast Money (@CNBCFastMoney) January 23, 2020
While Thomas Lee has gotten swept up the unpredictability of making predictions about Bitcoin, falling into shy of his year-end price target for Bitcoin at the end of 2019, analysts still believe that king coin is on track to make a big comeback. Lee made his point about the stock, bond and cryptocurrency markets, asked by the shows’s host, CNBC news anchor Brian Sullivan, if he was still bullish on Bitcoin.
Lee argued,
“This is a bullish trend for Bitcoin. And then with geopolitical tensions in the Middle East, that’s good for cryptocurrencies. So there should be a lot of tailwinds. We can get more attention from customers”.
It is worth remembering that Lee tweeted about a report he published on January 9 about the prospects of cryptocurrencies by 2020. The report said there were three positive convergence/catalysts for Bitcoin in 2020.
Lee said at the time, the bottom line was “the financial market tends to fall 1-3 months, and possibly 6 months (maximum)” and thus the “highest probability is halvening not priced in. ”
We published our 2020 Crypto outlook and made the full report available for our clients.
– bottom line: financial markets tend to discount 1-3 months, and maybe 6 months (max). So highest probability is halvening not priced in
Cc: https://t.co/YRDQQ7TSzv $BTC #bitcoin #BTFD pic.twitter.com/i6sOIVQoc0
— Thomas Lee (@fundstrat) January 10, 2020
In October 2019, Lee said it would take a long time before Bitcoin completely rebounds and reaches an all-time high of nearly $ 20,000.
Lee is especially famous in the cryptocurrency community for incorrect BTC price predictions. In November 2017, when cryptocurrency as the cryptocurrency was preparing to hit new all-time highs, Lee told CNBC viewers that BTC could witness a move of up to $ 100,000.
Lee could foresee the 2018 bear market and anticipate that BTC could reach a new peak by the end of this year. The same story repeated in 2019 when he called for a price of $ 40,000 in 2019 when BTC was about to reach its annual peak.
Read more:
- Fundstrat’s Tom Lee: Predictions Of Bitcoin Will Reach A Larger Increase In 2020 Than In 2019
- CFTC Failed To Locate Benjamin Reynold, Who Defrauded Customers With Bitcoin Worth $ 147 Million