Bitcoin Could Be Poised For a Huge Breakout: Fundstrat’s Tom Lee
As 2019 approaches its end, many are sharing their views on what 2020 and the future of Bitcoin may look like. Fundstrat’s Head of Research, Tom Lee, seems to be very optimistic.
The end of the year for crypto usually means the time when prices are surging, although this seemed more and more unlikely in 2019. Not only that, but the entire market seemingly started crashing at one point in the last week. Bitcoin even dropped below $7,000, which is the first time the coin had gone that low in 6-8 months.
However, the coin also made a comeback which fueled the rest of the market, as well, and currently sits back at $7,204.29.
But, as mentioned, the end of the year is here, and many influential people in the crypto industry have been called upon to share their opinions regarding the current and future state of the market. The most recent predictions came from perma-bull, Tom Lee.
2019 was not a bad year for Bitcoin, despite volatility
During the interview, Lee was invited to comment on recent predictions that BTC might achieve huge success in the next few years. He particularly mentioned that predictions stating that BTC will hit $250,000 by 2022 might be more than just optimistic. However, he did admit that BTC is known for making unpredictable moves and that, while unlikely — such a move might be possible in extreme situations.
However, he is more inclined to believe that bitcoin will reach that in maybe five years, rather than two. Still, regardless of what happens, Lee believes that the next few years will be very good for bitcoin, and that it will achieve massive success.
He also pointed out that 2019 was a very successful year for the coin, despite the extreme volatility. After all, its price is currently more than twice as high as it was at the beginning of the year.
There are a lot of people in the Bitcoin market these days, many of which are relatively new and unaccustomed to the coin’s wild price movements. Those who experienced them for the first time may have decided to run when the price started moving down, which may have fueled a price crash witnessed earlier in the year. Meanwhile, long-time investors know that Bitcoin has a tendency to move up and down, but it always goes back up, eventually.
“2020 should be better for crypto than 2019”
Lee also commented on his expectations for 2020, stating that he believes that it will be a successful year. In fact, he commented that,
The easiest way to make money in crypto is a position in Bitcoin.
In fact, he seems to be convinced that “2020 should be better for crypto than 2019,” which is likely something that a lot of investors around the world are hoping for.
Earlier this year, in October, Lee stated that Bitcoin’s price tends to move in tandem with the S&P 500 market index, as reported by Bitcoinist. He did admit that his opinion is relatively unpopular since many wish to believe that bitcoin is a hedge against macroeconomic turmoil.
Of course, he also admits that some negative events — crises even — did have a positive effect on the bitcoin price. One example is the Cyprus situation, but he thinks that bitcoin operates in accordance with macro factors, instead of against them.
Do you agree with Tom Lee’s predictions for the future? Share your thoughts in the comments below.
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