If Bitcoin Hits This Key Level, It Is Going to Make a Run for $40K: Tom Lee
It is all systems go on Binance. The bitcoin price, however, remains stuck under $8,000 for the time although it is most recently paring its own losses.
By CCN Markets: The bitcoin price may have slipped under $8,000 for today, but it could be headed much higher in the not too distant future. Fundstrat Global Advisors Co-Founder Thomas Lee is willing to put it to the lineup for bitcoin once more, making a competitive short-term prediction in where the cryptocurrency may be trading if it can catch enough momentum.
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In an interview with Binance CFO Wei Zhou, Lee laid out his bullish case. Lee and Zhou agree that after bitcoin regains the $10,000 level, it is going to be more"fast and furious" to $20,000. From there, it is seemingly to this moon. When the important FOMO threshold kicks in, historically the price will surge 200 percent to 400 percent. Lee stated:
Binance care is now complete.
"At the end of the day, Wall Street -- if there is a famous advantage class and they think they can have an edge, they're likely to be rather interested in investing in it...At the right tipping point, and it is either going to be because of the magnitude of the blockchain or the size of this crypto economy itself, even Wall Street's likely to suddenly say,'Hey look, I do not care if I understand precisely what's happening but if I can earn a lot of money let us go ahead and take action .'"
Incidentally, at roughly the time the Binance/Fundstrat interview was posted, Binance users had been experiencing problems on the market because of what was later called a"disk collapse ."
Disclaimer: The views expressed in this article are only those of the writer and do not represent those of, nor if they are credited to, CCN Markets.
"If bitcoin somehow manages to reach [$10,000], it is very likely going to make a price to $40,000 within five months."
Last year, once the bitcoin price shed more than 80 percent of its worth, it frightened many institutional investors from crypto. Lee suggests it is clear considering that if a stock falls roughly that much, its odds of regaining are slim to none.
Published at Sat, 08 Jun 2019 21:30:36 +0000
When bitcoin eventually recaptures $10,000 is anyone's guess. But in the meantime, BTC $8,000 or thereabouts is not too shabby. Lee points into a bunch of historic stats, saying"it is at a level that not many individuals have lost cash possessing bitcoin here." The next crucial threshold could open the floodgates to large investors:
Lee points to this example of credit default swaps as a historic precedent, which started as an Excel spreadsheet and today exceeds money bond trading.
"Every institution will realize, consider $10,000 it is likely to go back to its all time high, which is double. There are hardly any things that can double. I think FOMO truly gets triggered after bitcoin strikes $10,000."
Institutional investors thought bitcoin was headed to zero during the crypto winter.