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Tom Lee’s Fundstrat: $200,000 could be achievable for Bitcoin price in 2022

At the webinar hosted by investment education platform Market Rebellion, Tom Lee, managing partner at Fundstrat Global Advisors, predicted that Bitcoin price could hit $200,000 by 2022. This is a pretty high number because, as of the time of writing, BTC is changing hands at $51,206.

tom-lees-fundstrat-200000-could-be-achievable-for-bitcoin-price-in-2022

BTC/USD 4-hour chart | Source: TradingView

Bitcoin price could hit $200,000 in 2022

Although Lee believes crypto returns are disappointing in 2021, he predicts the leading cryptocurrency will outperform next year. Not only crypto, but he also expects crypto stocks to have a great year in 2022.

Bitcoin rallied to its current all-time high of $69,044 on November 10, followed by a sharp correction. It is currently changing hands at $51,067 after eliminating some recent losses. BTC has failed to produce the solid year-end rally many bulls are expecting.

Despite starting the year on a high, Bitcoin experienced a massive crash in the second quarter. It was triggered by environmental concerns around the proof-of-work consensus algorithm and China’s draconian crypto ban.

The Bulls’ failure to keep the momentum going in November ended Lee’s hopes of hitting his repeated $100,000 goal later this year. His detractors often look down upon Lee for his overly optimistic predictions.

This criticism is not unfounded: Fundstrat gave up trying to forecast Bitcoin’s price action in December 2018 after some terrible calls made by Lee at the top of the bear market brutality has become a source of ridicule in the investment community.

Lee redeemed himself last year after correctly predicting the stock market’s rapid recovery from the pandemic-induced crash.

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