Despite a dismal performance in 2022, leading Wall Street strategist Thomas Lee, who is also the co-founder of Fundstrat Global Advisors, is of the opinion that cryptocurrency will eventually make a comeback. Lee also noted that he would be sticking to his Bitcoin price prediction of $200K even if the current market is negative.
Lee Unmoved By Market Crash
According to Lee, who was a guest on a recent episode of CNBC, the current cryptocurrency bear market is nothing new. He pointed out that the cryptocurrency industry went through a crisis very similar to the one in 2018 when Bitcoin’s value dropped by more than 70 percent from its all-time highs.
Lee stated that,
“If we look back at that crypto winter when Bitcoin went from $17,000 to something around $1,200, that was the time when some of the best projects were created.”
Thomas Lee Remains Bullish On Bitcoin
When asked if he still advises people to buy Bitcoin, Lee responded in the affirmative. He adds that, when they initially wrote about Bitcoin in 2017, they had suggested that people should invest just one percent of their whole wealth in the cryptocurrency.
Bitcoin’s price was lower than $1,000 at the time and even if they didn’t rebalance their portfolio, that holding would make up for 40% of their portfolio today.
Back in 2017, when Lee’s Fundstrat issued its first analysis on Bitcoin, the firm forecasted that the most prominent cryptocurrency might be worth anywhere from $15,000 to $50,000 by the year 2022.
This forecast has been largely accurate, as Bitcoin was trading near the mark of $50,000 at the beginning of the year and has dropped to around $16,000 during the past couple of days as a result of the collapse of FTX, which was previously the third-largest cryptocurrency exchange in the world.
FTX Collapse Not So Bad
When asked about Lee’s take on the FTX collapse, he pointed towards the fact that, these are “important” moments in the crypto industry and have a positive notion to them as well. Lee supported his view by stating that,
“I think its an imp moment for the industry, i think its cleaning and cleansing a lot of bad players from the industry.”
Thomas Lee’s Bitcoin Price Prediction
Back in February, Lee made an even more positive prediction regarding Bitcoin, stating that the most prominent cryptocurrency may reach a price of $200,000 in the years to come. When asked if he still believed in it, he said he was quite certain about his conviction towards Bitcoin.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/thomas-lee-bitcoin-price-prediction/