Tom Lee of Fundstrat is upbeat about the digital currency’s rebound after making his prior bold forecast that it may reach $500,000 in value.
Lee recently praised a “good day” for Bitcoin and other digital assets in a tweet. It is important to remember that he has a history of being a permabull in the cryptocurrency market, which means that many of his predictions have turned out to be wrong.
BlackRock’s request for a spot Bitcoin ETF has sparked the most recent market bounce, driving Bitcoin to $26,371.81—a 3.5% rise in only one day.
The increase in MicroStrategy’s stock price of more than 5% and the reduction in the price discount for Grayscale’s GBTC all contribute to the upbeat mood in the cryptocurrency market.
Back in May, Lee mentioned Fundstrat’s cryptocurrency presentation in a string of tweets. He predicted that Bitcoin’s lows might trigger a spike of between $250,000 and $500,000; Cathie Wood and Tim Draper both shared this prediction.
His tweets emphasised the relationship between Bitcoin’s success and equities markets, highlighting the fact that cryptocurrencies frequently do well when established markets like the S&P 500 are healthy.
Lee also mentioned potential roadblocks for the American cryptocurrency sector, mentioning “Operation Chokepoint 2.0” as a potential hindrance.
Despite these obstacles and his track record of making bad forecasts, Lee’s positive outlook is unaffected.
