Tom Lee: $8,000 to $25,000 Will Happen in a Handful of Days
2 min read
Tom Lee holds to $25,000 Bitcoin price prediction. The co-founder and Fundstrat strategist is holding to his prediction that Bitcoin will reach $25,000. He identifies three key factors that make him believe the price will surge like that.
Even though last Wednesday, the most famous digital currency dropped below $8,000 and traded around $7,500, losing most of the gains it made from mid-April to early May, Lee believes this drop is only due to “typical crypto volatility”.
Lee said that bitcoin was “trading at cost”, because the price of production was almost equal to the trading price. According to Lee, the cost production for BTC production was around $6,000 on Wednesday, it is still worth more than its mining cost.
“I think institutional investors have gained a lot of interest, and they haven’t really come into crypto yet because there is still some regulatory uncertainty. But that sort of ultimate allocation into crypto as an asset class is going to be a powerful reason why Bitcoin rallies.”
Lee recommends that investors hold on to their bitcoin, “…historically, 10 days comprise all the performance in any single year of Bitcoin’s price. If you just took out those 10 days, Bitcoin’s down 25 percent a year. So as miserable as it feels holding Bitcoin at $8,000, the move from $8,000 to $25,000 will happen in a handful of days.”
NOTE: This article is not an investment advice. Any references to historical price movements or levels is informational and based on external analysis and we do not warranty that any such movements or levels are likely to reoccur in the future
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