Tom Lee, the co-founder of Fundstrat Global Advisors, acknowledges his misguided prediction that the Bitcoin price will rise inexorably. However, he still expects it to reach $25,000.
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An erroneous prediction…
At the Consensus Conference, held on May 14 and 16, 2018 in New York, Tom Lee predicted that the price of Bitcoin would rise sharply in the coming months.
This prediction is based on the fact that a substantial part of the crypto-community would be concentrated in the same place and that the dramatic increase in the participation rate in the Consensus Conference compared to last year would support the strengthening of the conviction of the crypto community.
However, it turned out that these predictions were wrong. The cryptocurrency market lost up to 10% of its value during and after the consensus conference. Lee made up for it on the pretext that three conditions must be met for his prediction to be valid.
“The first is the institutional monitoring resolution of tools related to digital assets. The second is the processing of redemptions from banks and fund managers. And finally, increasing regulatory clarity.”
Although he acknowledged that the consensus conference saw some progress on bank support and the development of institutional tools, it was not sufficient to justify an “improvement in the price of Bitcoin.
But a very strong optimism
After a break of several weeks, Lee, currently Managing Director of Fundstrat Global Advisors, met with Heidi, known as BlockchainChick, to discuss in depth his crypto-market predictions, including whether Bitcoin prices could still exceed $25,000 by the end of the year.
The investor seems to be relying on his decades of experience in the financial world. It maintains its bullish forecast for Bitcoin despite the poor results recorded to date.
He even outbid by stating that the number one cryptocurrency will cross the $36,000 threshold by the end of 2019.