Thomas Lee, a leading wall street strategist, famous crypto expert, and co-founder of Fundstrat Global Advisors, opined that cryptocurrency would eventually return to its good times. He stated that he would remain adamant about his previous Bitcoin price prediction of $200K regardless of the current market situation.
Lee Unbordered By The Market Downturn
Extracts from Lee’s recent interview with CNBC revealed his thoughts on the ongoing Crypto Market crisis. In Lee’s opinion, the current crypto bear market is not new.
To support his view, he referenced the 2018 crypto market downturn when the value of BTC dropped by more than 70% from its all-time high. Lee further said the year BTC’s dipped from $17,000 to about $1,200 resulted in the development of the best crypto projects.
Thomas Lee’s thoughts on BTC’s price remain unshaken as he advises people to buy even more. He discussed recommendations made about Bitcoin in 2017 by his company, noting that people were advised to invest about one percent of their total wealth in cryptocurrency.
Also read:In 2017, when the crypto experts Fundstrat issued its first Bitcoin analysis, the forecast from the firm revealed that the prominent cryptocurrency might be worth around $15,000 – $50,000 by 2022.
Accurately, just as the forecast predicted, BTC was trading near the margin of $50,000 at the beginning of the year. However, its price has notably dropped to the $16,0000 price range during the past few days. The sudden crash of FTX (the third largest crypto exchange globally) and the broader macroeconomic conditions were partly responsible for this significant price drop.
Lee’s View Of FTX Collapse
On questions regarding the collapse of FTX, Lee’s response was aimed at seeing the crisis seen as an essential phase in the crypto industry. He believed that the exchange’s failure would impact the crypto market positively, especially in the long term.
He further stated that cleansing is necessary as many bad players would be fished out from the crypto industry. In response to his thoughts on BTC’s price prediction, Lee was even more optimistic about his previous prediction.
He reiterated his belief in the leading cryptocurrency and said it might trade at $200K in the next few years.
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