RATE Group | As bitcoin plunges, mega-bull Tom Lee stands by his $25,000 target
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As bitcoin plunges, mega-bull Tom Lee stands by his $25,000 target

23 May As bitcoin plunges, mega-bull Tom Lee stands by his $25,000 target

Posted at 18:19h in Bitcoin News by

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Fundstrat’s Tom Lee is standing his ground on bitcoin soaring to $25,000.

On Wednesday, the cryptocurrency plunged below $8,000 and traded at around $7,500, essentially giving up most of the gains bitcoin had managed to make from mid-April to early May after hitting 2018 lows.

But not only does Lee believe Wednesday’s drop is solely due to “typical crypto volatility,” as he said in an email to CNBC, he also identifies three key factors that still have him believing bitcoin will hit $25,000.

The first is the cost of producing and replicating bitcoin. When bitcoin was trading at around $8,000 on Tuesday, Lee appeared on CNBC’s “Futures Now” saying the digital currency was actually “trading at cost” because the price of production was actually about that amount. Despite the…

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