EXCLUSIVE - Thomas Lee: 'Bitcoin can FOMO rally 200-400%'

12 Jun, 2019
by Richard Allen
Video

Chepicap’s Will Heasman is at the CryptoCompare Digital Asset Summit in London where he caught up with Fundstrat’s Thomas Lee to discuss Bitcoin and how far its next bull run will take it. 

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With many considering crypto winter to be over as Bitcoin recently set a new yearly high of $9,000, many are wondering when Bitcoin will touch those levels again and how far past them it’ll go. Fundstrat’s Tom Lee gives us his theory on why he thinks Bitcoin will surge to $40,000 once it breaks through $10,000.

Why $10,000? 

During the interview, Lee elaborated on why $10,000 is key. He explained that they arrived at this figure by looking at when Bitcoin trades within 3% of its historical price levels, and for Bitcoin, that's $10,000.

He continued, "looking at the past bull cycles, once you breach that what we call FOMO level, Bitcoin typically rallies 200% to 400% so that's how we got to a theoretical $40,000." 

Post $40,000 pullbacks?

Lee then discusses where he thinks potential pullbacks will be once BTC breaches $40,000. According to the Fundstrat co-founder, the increase in the amount of Bitcoin holders coupled with increasing mainstream awareness and the halvening will likely keep any pullbacks "relatively shallow." 

Lee remained equally bullish on how far he thinks Bitcoin can go, explaining:

"Crypto's value comes from network value and adoption and the numbers of holders is tiny today compared to Visa and MasterCard [...] so I think there's a lot of upside." 

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Read more about: Tom Lee Bitcoin (BTC)

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