Wall Street analysts say Bitcoin will exceed $25,000 by the end of this year
Wall Street analyst Tom Lee said in an interview that Bitcoin prices are likely to exceed $25,000 by the end of this year. Tom Lee is an analyst at Fundstrat, a financial market research company. He is very optimistic about the long-term performance of Bitcoin. In January of this year, Tom Lee predicted that the price of Bitcoin would exceed $25,000 at the end of this year. Then in March, he claimed that the rate of Bitcoin in 2020 would exceed $91,000.
However, in an interview with CNBC on July 5, Tom Lee slightly diluted his radical attitude, saying: “it’s not out of the question that [BTC] could be over the $20,000 by the end of the year.”
“I do think it’s the first time I’ve ever heard someone thinking something could triple is a bearish comment. I think I may have misspoken a little bit […] what I was trying to illustrate was that […] applying the historical average of 2 and a half times mining costs would imply fair value over $20,000 – roughly $22,000.”
However, he did not give up his predictions, and Lee added: “[w]e still think bitcoin can reach $25,000 by the end of the year or something like that.”
Lee predicts bitcoin prices based on his research on mining costs and bitcoin prices. He said that by the end of the year, the amount of each bitcoin would be about $9,000, which is predicted by the average of 1.8 times the historical mining cost. The price of bitcoin will reach around $36,000 by the end of the year.
Although many people have criticized his predictions, it is interesting to note that on July 8, cryptocurrency rose across the board, with bitcoin surpassing $6,700, which is close to the $7,000 mark.