Tom Lee made an appearance at Fox News on the 25th of January to talk about digital currencies and the traditional market. Tom Lee is the co-founder of Fundstrat Global Advisors and he is a very big fan of Bitcoin (BTC). While talking about the digital currency market, Lee’s famous “$25k by the end of 2018” price prediction for Bitcoin (BTC) was brought into question.
Sometime last year, Thomas Lee, who is also known as Tom Lee, predicted that the value of Bitcoin (BTC) will hit the $25k level before the end of the year. Lee is highly bullish on Bitcoin (BTC) and he so much believes in Bitcoin (BTC) and the crypto industry.
However, 2018 ended, and the value of the digital currency was very far from what Lee predicted. Lee predicted $25k but Bitcoin (BTC) ended the year below the $4k mark. Lee blamed the fund-raising techniques of Initial Coin Offerings for the inaccuracy in his prediction.
Lee also gave a resounding “Yes” when he was asked if he still believes the digital currency would hit the $25k level.
2018 Was a Big Disappointment – Lee
All those that are up-to-date with the price predictions of Bitcoin (BTC) made by several digital currency market participants must have come across the name Tom Lee. Lee is one of the biggest bulls in the crypto space and he has said several times that he expects the market to keep growing.
The $25k prediction for Bitcoin (BTC) was the most famous prediction of Lee. Lee reasserted this several times before lowering his target in July to just over $20k by the end of the year. Now that his predictions have been proven categorically wrong, he was invited on Fox Business News to talk about why his optimism was misplaced and if he still believes that the digital currency would one day hit or surpass his 2018 prediction.
After his failed prediction was brought in question, Lee first addressed the prediction itself. He said: “It is a huge disappointment. It neither came in terms of price or by the calendar.”
Lee later talked about why his bullishness had not been reflected by the market. He attributed this to the mania around Initial Coin Offerings all through 2017. Without knowing that it was perhaps said speculations that caused Bitcoin (BTC) to test its all-time high in 2017, Lee said that 2018 was a year of adjustment after a shift of flawed project that had left investors out of pocket.
The conversation later turned to the future expectation of lee regarding the price of Bitcoin (BTC). Lee reminded the presenter that Bitcoin (BTC) has experienced 4 pullbacks of more than 70 percent in the past before it found its way to its all-time high. Lee also talked about the ever-growing hunger for asset classes that are not correlated to traditional markets.
Bitcoin (BTC) Price Today – BTC / USD
The world’s most dominant digital currency is currently trading at $3,689 after an increase of 1.55 percent over the past twenty-four hours. Bitcoin (BTC) currently has a market cap of $62.97 billion with a trading volume of $2.81 billion over the past twenty-four hours. The digital currency has been trading below the $4k level since, and a break over this level is expected soon.