RATE Group | Fundstrat’s Tom Lee Predicts Bitcoin Recovery, But Lowers End-Year Target to $15K
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Fundstrat’s Tom Lee Predicts Bitcoin Recovery, But Lowers End-Year Target to $15K

17 Nov Fundstrat’s Tom Lee Predicts Bitcoin Recovery, But Lowers End-Year Target to $15K

Posted at 18:33h in Bitcoin News by

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Wall Street analyst and cryptocurrency bull Tom Lee has nearly cut his end-year Bitcoin (BTC) price target in half from $25,000 to $15,000, CNBC reported Nov. 16.

According to Lee – the co-founder of market advisory firm Fundstrat Global Advisors – the key factor behind his new target is Bitcoin’s “break-even point,” or the level at which the cost to mine Bitcoin matches its trading price, as CNBC reports. According to Fundstrat’s data, this point is at around $7,000.

Bitcoin is currently trading well below this value – $5,550 at press time. According to CNBC, however, Lee told clients in a note Friday that BTC has “never sustained a move below breakeven [sic].”

While he is strongly betting on recovery, Lee acknowledges that breaking “below that psychologically important $6,000” leads “to a renewed wave of pessimism.” Moreover, he also added:

“But we believe the negative swing in sentiment is much worse than the fundamental implications.”

Lee cites…

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