Bitcoin has been through the ringer as of late, as various influences throughout the world have been able to dent the so-called king of cryptocurrency’s value. While this has opened the door to countless mainstream investment outlets bashing Bitcoin’s potential, it has also brought out some of its biggest advocates to defend of the cryptocurrency at the same time. Tom Lee is known to be one of Bitcoin’s early adopters, with the Fundstat strategist and co-founder not hiding his admiration for both Bitcoin and blockchain technology. Speaking on the current state of the world’s leading cryptocurrency, Lee has thrown his voice behind Bitcoin once again, believing that it will reach $25,000 before the end of 2018.
“Hodl” on tight
Speaking to CNBC, Lee remained defiant about Bitcoin’s prospects, as he actually brought forward his prior forecast that $25,000 would remain out of reach for Bitcoin until 2022. Through his new projections, he now sees Bitcoin reaching $125,000 during 2022, with $25,000 being a realistic target for Bitcoin during 2018. Considering the volatility that Bitcoin has faced since the turn of the year – with it dropping below $10,000 off the back of 2017’s ATH – his words will be of solace to those that have thought about no longer “hodling”.
The worst is yet to come
Looking at Bitcoin’s current bearish outlook, Lee feels that a drop below $9,000 isn’t out of the question, “We expect bitcoin’s major low to be around $9,000, and we would be aggressive buyers around that level. We view this $9,000 as the biggest buying opportunity in 2018”. Predicting future buyer activity, he sees the latest dip to be another open opportunity for investors, triggering some aggressive buying behavior.
Ethereum is set to excel
Bitcoin has been Lee’s focus during his latest media rounds, but other coins haven’t escaped his overview. He believes that Ethereum Classic and Ethereum have a big 2018 on the horizon, with a predicted 90% growth before the end of 2018. NEO was also a point of intrigue for Lee, as while it’s been bubbling under as of late, he predicts 50% growth for China’s “next big thing”.
Bitcoin is braced for the comeback trail
January has certainly put the crypto market on the back foot, with Bitcoin specifically feeling the brunt of some pretty strong anti-crypto rhetoric. But, as Lee so rightly states, this dip presents a new buying opportunity more than it does anything else, with Bitcoin actually having a strong year ahead based on current projections.