2022-2-15 16:16 |
Despite missing the mark with his exuberant $100,000 bitcoin price forecast in 2021, Fundstrat Global Advisors co-founder Tom Lee expects BTC to surpass $200,000 by the end of 2022.
Basically, he is doubling down on his ambitious projection for 2022, even though bitcoin’s high-water mark of $69,044 was set in November and the No. 1 crypto based on the market cap is presently pinned under $45,000.
BTCUSD Chart by TradingView How BTC Could Achieve A $200,000 Valuation In 2022Tom Lee’s forecast in 2021 may not have materialized, but he’s remaining bullish despite the setback. If anything, Lee is digging in his heels even further, reiterating his forecast for a $200K BTC by year-end.
Speaking to CNBC Crypto World in a Feb. 14 interview, Lee noted that the aggregate U.S. household net worth is currently hovering at $142 trillion, and people will possibly lose money owning bonds in the next decade. As such, the bitcoin perma-bull believes a lot of speculative capital will flow into the crypto market. “That could be huge,” he said.
All in all, Lee admits that it’s difficult to accurately predict the future.
“Unless someone really has a crystal ball, it’s very difficult to be precise in crypto. Drawdowns of 40% are really common and bitcoin makes most of its gains in 10 days in any single year. It’s tough to be too precise with crypto. It’s wide lanes.”
Factors That Might Ruin BTC’s Prospects Of Hitting $100K Or HigherLee also observed that cryptocurrency has become a viable payment option because of its ease to move around the world. Moreover, all transactions on the blockchain are easily traceable. The Fundstrat senior strategist, however, says the high BTC price is a significant barrier to consumer adoption. As such, he thinks the sector would be better off if crypto trading platforms quote the bitcoin price in satoshis or SATS.
Lee further indicated that a vulnerability of the bitcoin network could be its biggest hurdle to reaching $100k and higher since it’s the most important blockchain with the most value stored on it. The Fundstrat co-founder is of the opinion that another cryptocurrency can dethrone bitcoin in the coming years.
That being said, he has advised investors to allocate only a healthy amount of crypto assets to their personal portfolios as it’s difficult to make predictions, especially about the future of crypto.
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