Tom Lee: Bitcoin should be $20,000

18 Mar, 2019 | Updated: 20 Mar, 2019
by Will Heasman
Price Analysis
Tom Lee: Bitcoin should be $20,000

Tom Lee, the famously bullish bitcoin propagator and co-founder of Fundstrat Global Advisors, has reiterated his latest prediction for a BTC rally, putting Bitcoin’s projected price at $10-20k.

A report authored by Fundstrat back in February noted several aspects of the crypto sector that would improve significantly enough in 2019 to allow for positive price action:

The report detailed macro aspects, ranging from a rally in risk assets to the weakening of the US dollar as well as technological advancements, stating that these variables look overwhelmingly positive in 2019.

Now Lee has reiterated this in another tweet, stating that these factors offer BTC “tailwinds.” Lee also suggested that a dive from the emerging markets was responsible for Bitcoin (BTC) being “pulled down” in the recent months, indicative of a correlation between the markets:

Lee notes that the recent rally in the S&P 500 and small-cap stocks were greater than two standard deviations (a measure of market volatility); adding that 1 standard deviation for BTC would equal a 185% gain and this BTC “catching up” with equities would suggest a price point of $10-20k.

However, not everyone agreed with Lee. Many on crypto Twitter remained unconvinced of a link between the emerging markets and Bitcoin:

Read more: Fundstrat report: Many positive catalysts for crypto in 2019

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Read more about: Tom Lee Bitcoin (BTC)


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