Financial research firm Fundstrat’s Tom Lee defended his position that Bitcoin (BTC) may trade at anywhere from $22,000 to $25,000 by the year’s end, in two CNBC interviews Thursday, July 5.
Lee made certain to clarify to reporters that his most recent $22,000 worth prediction is emphatically not a bearish retreat from his previous forecasts of $25,000.
Lee, a disreputable Bitcoin bull, is known for his prediction in january that Bitcoin would hit $25,000 by the end of 2018, later saying in March it might reach a staggering $91,000 by 2020.
Speaking on CNBC’s “Squawk Box” section thursday morning, Lee initially appeared to have somewhat toned down his bullish outlook by expression that “it’s not out of the question that [BTC] may be over the $20,000 by the end of the year.” Lee based his rationale for the new estimate on the historic correlation between Bitcoin’s worth and mining prices, that he says by the end of the year will be around $9,000 per coin mined.
Reappearing on CNBC weekday afternoon, Lee was fast to clarify what he thought-about to be associate exaggerated reaction to his morning comments, spoken communication that:
“I do think it’s the first time I’ve ever heard someone thinking something could triple is a bearish comment. I think I may have misspoken a little bit […] what I was trying to illustrate was that [...] applying the historical average of 2 and a half times mining costs would imply fair value over $20,000 - roughly $22,000.”
Lee then added: “[w]e still think bitcoin can reach $25,000 by the end of the year or something like that.”
Back in may, Fundstrat revealed its in-house analysis of the connection between BTC mining prices and worth performance, saying at the time that the data had “proven a reliable long-term support level.”
May’s statistics notably projected a slightly lower historical average to today’s figure, using a 1.8 times historic mining prices average to forecast Bitcoin’s worth to be around $36,000 by the end of 2019.
Bitcoin is presently trading at concerning $6,582 to press time, down simply over one percent on the day.
Lee made certain to clarify to reporters that his most recent $22,000 worth prediction is emphatically not a bearish retreat from his previous forecasts of $25,000.
Lee, a disreputable Bitcoin bull, is known for his prediction in january that Bitcoin would hit $25,000 by the end of 2018, later saying in March it might reach a staggering $91,000 by 2020.
Speaking on CNBC’s “Squawk Box” section thursday morning, Lee initially appeared to have somewhat toned down his bullish outlook by expression that “it’s not out of the question that [BTC] may be over the $20,000 by the end of the year.” Lee based his rationale for the new estimate on the historic correlation between Bitcoin’s worth and mining prices, that he says by the end of the year will be around $9,000 per coin mined.
Reappearing on CNBC weekday afternoon, Lee was fast to clarify what he thought-about to be associate exaggerated reaction to his morning comments, spoken communication that:
“I do think it’s the first time I’ve ever heard someone thinking something could triple is a bearish comment. I think I may have misspoken a little bit […] what I was trying to illustrate was that [...] applying the historical average of 2 and a half times mining costs would imply fair value over $20,000 - roughly $22,000.”
Lee then added: “[w]e still think bitcoin can reach $25,000 by the end of the year or something like that.”
Back in may, Fundstrat revealed its in-house analysis of the connection between BTC mining prices and worth performance, saying at the time that the data had “proven a reliable long-term support level.”
May’s statistics notably projected a slightly lower historical average to today’s figure, using a 1.8 times historic mining prices average to forecast Bitcoin’s worth to be around $36,000 by the end of 2019.
Bitcoin is presently trading at concerning $6,582 to press time, down simply over one percent on the day.
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