Although Bitcoin has risen above the $50,000 band in the last days of the year, it still has not been able to perform as expected. While the $100,000 goal of many seems to be shelved at the moment, hopes remain for 2022.
Speaking during a webinar hosted by investment education platform Market Rebellion, Fundstrat Global Advisors managing partner Tom Lee made some comments on the crypto market.
Stating that he predicts that the price of Bitcoin can reach $ 200,000 in 2022, Lee stated that the leading cryptocurrency has meant disappointment for investors this year, but that a spectacular rise can be seen next year.
Lee believes 2022 will be a great year for cryptocurrency stocks as well.
BTC, which started the year with a good momentum and saw ATH on November 10, experienced a major collapse in the second quarter. The leading crypto is currently trading at $51,000.
Lee actually set out with a target of $100,000 this year, but things didn’t go as he expected. The failure of the bulls to keep up with what was expected scuttled these targets.
Lee is often dismissed as a “permabull” by pessimists because of his overly optimistic forecasts. However, these groups are not considered very unfair. Lee’s utopian predictions when all markets were collapsing should also be taken into account.
It was Lee’s accurate prediction of the rapid stock market recovery that followed last year’s pandemic-driven crash that made him reappear in the eyes of investors. The analyst also expects the S&P 500 index to finish above 5,100 next year.
*Not Investment Advice.