Even though Bitcoin has plummeted from it’s high of $20k in December to below $10k, Tom Lee is still bullish on Bitcoin.
Fundstrat Global Advisors Head of Research Tom Lee says:
“It has been a terrible few weeks but the fundamental positive story for crypto remains intact,”
In an article from CNBC we also hear why Lee is still optimistic on Bitcoin :
Contracts for coming months are pointing to higher prices, or “contango,” Lee pointed out, which will encourage investors to hold bitcoin and sell the futures contract. That’s in contrast to the negative sign of “backwardation” in the last few weeks, in which futures contracts for three months out pointed to a drop in bitcoin prices, Lee said.
No one can deny there is clearly interest in Bitcoin and Cryptocurrency, over the past few months we have seen every single exchange have their doors closed on new registrations as servers become overloaded, we’ve seen exchanges fail due to demand, some exchanges such have reported as many as 100,000 new registrations in a single day. In the past week we have seen Robinhoods upcoming cryptocurrency trading product receive over 1 million pre-registrations.
So with all this in mind it’s safe to say Cryptocurrency is not going anywhere soon.
Tom Lee isn’t just bullish on Bitcoin though, he’s also betting on Ethereum and other Cryptos:
Lee still expects ethereum to reach $1,900 by the end of the year, ethereum classic to reach $60, neo to hit $225