Tom Lee is one of the most bullish figures in the crypto space, and he is showing no signs of losing enthusiasm for the future of Bitcoin (BTC). According to the Fundstrat Global Advisors research head, BTC's price should now be around $14,800.
Lee, who had previously predicted that the end of 2018 would see a Bitcoin rally to a level around $25,000, has been mostly undeterred by the top crypto losing around half of its value since then. He has, however, reduced his estimate to $15,000.
As reported by Bloomberg, Lee's assessment is based on his "fair value" metric, which takes into account the number of active BTC wallet addresses, the usage per account and other factors influencing supply. "Fair value is significantly higher than the current price of Bitcoin," he claims. "In fact, working backwards, to solve for the current price of Bitcoin, this implies crypto wallets should fall to 17 million from 50 million currently."
His model suggests that the price should now be between $13.8k and $14.8k. Indeed, if adoption continues to grow, the price could skyrocket. If Bitcoin wallets approach around 7 percent of the total number of VISA account holders, BTC could be worth $150,000.