• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
No Result
View All Result
Breaking News: Dogecoin Surges 6% After Elon Musk Unveils Crypto Payment Master Plan
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Dogecoin Surges 6% After Elon Musk Unveils Crypto Payment Master Plan
Lasry

Fundstrat’s Tom Lee Cuts Bitcoin Price Target by 20% to Over $20,000

Ricardo Esteves by Ricardo Esteves
5 years ago
in Bitcoin
Reading Time: 2 mins read
Advertisement

Fundstrat Global Advisors’ price target for Bitcoin was updated to “over $20,000 by the end of the year”, according to Tom Lee, founder and head strategist of the equity research house. While bullish and predicting a turn of events within the next six months, Lee’s forecast is still a cut of about 20% on the previous price target, estimated at $25,000.

Fundstrat’s Tom Lee Cuts Bitcoin Price Target Which Is Still 200 Percent Higher Than Today

Bitcoin has bounced off the $5,800/$6,000 lows last week and is now steadily moving towards the $7,000 area.

The world’s largest cryptocurrency by market capitalization remains pressured to the downside overall in 2018, but a wider time frame provides a different story to investors and analysts. Bitcoin is trading more than two times its worth exactly one year ago when it traded at $2,577. Quite a feature when compared to most markets, especially foreign exchange.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

Tom Lee, the only major Wall Street analyst to issue price forecasts for Bitcoin, takes the whole history of Bitcoin and the most recent developments into account when updating the price target, which once was placed at $25,000. Lee explained on CNBC’s pre-market morning news and talk program “Squawk Box” how he calculated the new $20,000 target for the year-end.

“Bitcoin has historically traded at 2.5 times its mining costs. It’s not out of the question that it could be over $20,000 by the end of the year at fair value.”

Tom Lee Lee, a former chief equity strategist at JPMorgan, still stressed that the new price target is about 200 percent higher than current levels, at approximately $6,750.

“The reason bitcoin looks really good here is the cost of mining around $7,000 fully loaded. And the difficulty is rising. So by the end of the year, it’s going to be $9,000.”

Cryptocurrency miners have already made about 80 percent of the 21 million to be ever put into existence. The Fundstrat’s lead strategist explained that the distributed ledger technology is a multidecade story in its early stages like many other technologies that preceded blockchain. “I did wireless in the 1990s. I saw 20 years of mobile and internet convergence. To me, this is not that different,” Lee said.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

Tom Lee first issued the $25,000 price target for Bitcoin in September 2017. The digital asset, which is worth 42.1% of the whole cryptocurrency market, according to CoinMarketCap, did rally intensely in Q4 2017, but the bullish momentum peaked at the $20,000 area.

In May 2018, the analyst said: “The move from $8,000 to $25,000 [would] happen in a handful of days.” Last month, Lee doubled down on his $25,000 prediction.

Featured image from Shutterstock.
Tags: bitcoinBitcoin Analysisbitcoin investingbitcoin pricebitcoin tradingbtcbtc usdcryptocurrenciesfundstrat global advisorsTom Leewall street
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Ricardo Esteves

Ricardo Esteves

Related Posts

Bitcoin Network

Craig Wright Wants His $2.5 Billion, Demanding For a Bitcoin Hard Fork

9 hours ago
Bitcoin

Don’t Get Too Greedy On Bitcoin, Analyst Suggests, Here’s Why

1 day ago
bitcoin price bear

Will Bitcoin Price Return To $20,000? Here’s What Investors Expect

1 day ago
Bitcoin

Bitcoin Short-Term Holder Profit Taking Reaches Levels Not Seen Since Nov. 2021

3 days ago
Bitcoin crypto liquidations

Crypto Market Still Reeling As Bitcoin’s Break Above $24,000 Triggers Liquidations

3 days ago
Nigerians buying bitcoin

Are Nigerians Really Buying Bitcoin For As High As $34,000?

3 days ago

Premium Partners

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Metaspins

Metaspins

Review · Visit
Trust Dice

Trust Dice

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
Coinplay

Coinplay

Review · Visit
mBit

mBit

Review · Visit
Vave

Vave

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
Coinplay

Coinplay

Review · Visit

Monero (XMR) and Dogecoin (DOGE) are Popular Twitter Crypto Recommendations. Here’s Why Savvy Investors Choose Snowfall Protocol (SNW) Instead

February 5, 2023

Price Predictions for Polygon (MATIC), Uniswap (UNI), and Snowfall Protocol (SNW) for 2023 – 2030

February 5, 2023

Fantom And Decentraland Explode As Big Eyes Coin Raises $21M In Presale

February 4, 2023

The Metaverse Represents The Future of Web3: Decentraland (MANA), The Sandbox (SAND), and Snowfall Protocol (SNW) Lead the Way

February 4, 2023

Snowfall Protocol (SNW), Shiba Inu (SHIB), and Cronos (CRO) – The Best Cheap Cryptos to Buy Now

February 4, 2023

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games
  • Free Spins

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.