Despite the market, crypto specialist Thomas Lee believes Bitcoin will reach $200K.
Market Crash Doesn't Move, Lee said the cryptocurrency bear market is nothing new.
Leading Wall Street strategist Thomas Lee, who is also the co-founder of Fundstrat Global Advisors, believes that cryptocurrencies will eventually make a comeback despite a poor performance in 2022. Lee also stated that, despite the present market's unfavourable conditions, he will continue to his $200K price forecast for Bitcoin.
Market Crash Doesn't Move Lee, a guest on a recent CNBC show, asserts that the present bear market in cryptocurrencies is nothing new. He emphasised that the cryptocurrency market had a crisis that was strikingly similar to the one that occurred in 2018 when Bitcoin's value fell by more than 70% from its all-time highs.
According to Lee, some of the best projects were developed during the crypto winter when Bitcoin fell from $17,000 to somewhere around $1,200.
Thomas Lee Continues To Support Bitcoin
Lee answered in the positive when asked if he still suggests people purchase Bitcoin. He continues by saying that when they first published about Bitcoin in 2017, they advised readers to only put one percent of their whole assets into the digital currency.
Even if they didn't rebalance their portfolio, the holding would account for 40% of their portfolio today since the price of bitcoin was less than $1,000 at the time.
When Lee's Fundstrat published its initial report on Bitcoin in 2017, the company predicted that by 2022, the most well-known cryptocurrency might be valued anywhere between $15,000 and $50,000.
This prediction has largely come true, as Bitcoin was trading around the $50,000 mark at the start of the year and has now plunged to approximately $16,000 as a result of the failure of FTX, the third-largest cryptocurrency exchange in the world.
Not So Bad for FTX Collapse
When asked Lee's opinion on the FTX crash, he pointed out that these are "critical" times in the cryptocurrency business and that they also have a positive connotation. Lee argued in favour of his position by saying, I believe this is a critical time for the industry since it is purging and removing many negative actors.
Bitcoin Price Prediction from Thomas Lee
In February, Lee offered an even more upbeat forecast for Bitcoin, saying that the most popular cryptocurrency may someday reach a price of $200,000. When questioned if he still believed in it, he responded that he was adamant in his support for Bitcoin.
What do you guys think about this prediction, will Bitcoin reach $200k? Write down your views.
