Regardless of Thursday’s bounce, the recent carnage in digital currencies has tested the resolve of many in the crypto community. But one Wall Street strategist, a longtime bitcoin bull, is not only unfazed by the plunge, he’s gotten even more optimistic.
Fundstrat’s Tom Lee, in his latest take, predicts that bitcoin will hit $25,000 this year, which is four years ahead of schedule. Furthermore, his model shows it will reach $125,000 by 2022. This after bitcoin just lost half its value from its December high.
“We expect bitcoin’s major low to be $9,000, and we would be aggressive buyers around that level,” Lee said. “We view this $9,000 as the biggest buying opportunity in 2018.” At last check, bitcoin BTCUSD, +1.69% was approaching $12,000.
Bitcoin, of course, wasn’t the only crypto getting slammed. The entire group saw hundreds of billions of dollars in market cap disappear in a matter of days. But amid that carnage, Lee sees lots of potential, particularly in three bitcoin alternatives.
He said he sees Ethereum rising to $1,900 by the end of the year, up from about $1,000 on Thursday. He also likes Ethereum Classic, which he expects to double to $60 from $30. His predicts his third pick, Neo, will jump to $225 from $148.
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