Fundstrat Head: Bitcoin Undervalued and to Rise to $25,000 Soon
May 28, 2018
Fundstrat Global's co-founder Thomas Lee is committed to its prediction that Bitcoin price is to reach $25,000 by the end of the year despite current situation is at the April’s minimum levels of $7,000.
The market collapse signifies that “bitcoin is underappreciated”, as Lee noted continuing that now Fundstrat prices the currency at $8,000. He reminded of his 10-days-theory when all annual Bitcoin gains are reached in 10 best trading days of the year. Lee noted, that “bitcoin doesn’t have to go up in a diagonal line.”
Lee admits that Bitcoin may be a frightening purchase for investors provided it has lost over a half of its maximum cost since December 2017. But they must remember that price growth depends of several factors on the market including external institutional capital and legislation.
“Institutional investors have gained a lot of interest and they haven’t really come into crypto yet because there’s still some regulatory uncertainty. But that ultimate allocation into crypto as an asset class is going to be a powerful reason why bitcoin rallies,” Lee added.