The managing partner at Fundstrat Global Advisors, Tom Lee, forecasts that Bitcoin’s (BTC) price will hit $200,000 in 2022.
In a webinar organized by an investing education platform, Market Rebellion, lee said that Bitcoin could easily hit $100 next year and that $200,000 is achievable. Market Rebellion took to Twitter to let people know what Lee said.
Although the ‘market bull’ feels that the cryptocurrency’s returns were baffled, he believes that the BTC will rise to its glory in the upcoming year.
Tom Lee, the Permabull
Critics have often referred to Tom Lee as the permabull due to his extremely optimistic predictions. Back in 2018, Lee made many poor forecasts on the eve of the bleak bear market, which did become a source of ridicule in the world of finance. This led Fundstrat to immediately give up on attempts to anticipate Bitcoin’s price.
Tom Lee earned back a truce last year when he correctly predicted a quick stock market after the drop that was due to the pandemic. The permabull predicted that the S&P 500 index will end the year over 5,100.
The year of dismay for Tom Lee and Bitcoin
Thomas Lee who is one of the top Wall Street strategists had predicted that the price of Bitcoin could soar to $168,000 by the year-end, representing an upside of about 170%. He had estimated that the then-new Bitcoin ETF would have attracted a whopping $50 Billion in inflows during its first year, serving as a key short-term driving force to the token’s price.
On 10 November 2021, Bitcoin rose to its highest peak of $69,044 before it suffered a sharp descend. The crypto coin fell short of the year-end hike that many bulls expected. At the time of writing, Bitcoin (BTC) was priced at $51,229.46 and enjoyed a daily high of 5.77%, having recovered a few recent losses.
The bull’s incompetency to control the pace in November beat-down eagerness of Tom Lee’s oft-repeated $100,000 objective before the year ended. Despite a great start to the year, Bitcoin saw an enormous drop in the second quarter. It was triggered by environmental issues about the proof-of-work consensus mechanism and the severity of China’s ban on cryptocurrency.
