Thursday, May 23, 2024
HomeCommunitiesTechnologyBitcoin bull Tom Lee stands by his reduced year-end $15,000 target despite...

Bitcoin bull Tom Lee stands by his reduced year-end $15,000 target despite nose-diving prices


Wall Street strategist Tom Lee told CNBC he remains bullish on bitcoin and bets on a recovery soon despite prices of the world’s largest cryptocurrency falling to their lowest levels in more than year on Tuesday.

Last week, Lee cut his year-end bitcoin target to $15,000 from $25,000.

In Tuesday’s CNBC interview, he stood by that forecast, which would represent about a 250 percent increase from early morning lows of around $4,200.

Prices were falling 15 percent Tuesday, bringing their seven-session slide to about 30 percent.

“Days like this, it does make me wonder” about my prediction, the Fundstrat Global Advisors co-founder said on “Squawk Box.” “This past few days has definitely been a negative development.”

However, Lee contended that more institutional involvement and oversight from U.S. regulators could bolster prices into the end of 2018.

Lee put “fair value” of bitcoin at $7,000. Prices would have to rise about 66 percent to get back there.

He also said the downturn in tech stocks could be hurting bitcoin investors.

More Related Articles


Please enter your comment!
Please enter your name here
Captcha verification failed!
CAPTCHA user score failed. Please contact us!

5 Days Trending

We use cookies to ensure that we give you the best experience on our website.