The CEO and Managing Director of Fundstrat, an independent research boutique on market analysis and sector research stated the possible next target for Bitcoin price. In an interview with CNBC recently, he depicts that the price of Bitcoin will surpass $1,25,000. His statement and prediction are completely contrary to the current slash-down price of Bitcoin.
Tom Lee’s Prediction
Speculations have raised and are all on contrary ever since that depiction from Tom Lee. Tom Lee who himself is a proclaimed Bitcoin bull, participates in continuous study analysis and market prediction of Bitcoin. He claims that Bitcoin will hit the bullseye of $1,25,000 exponentially. His statement is completely contrary to Elon’s depiction through his recent tweets. Upon Elon’s tweet on his cease of Bitcoin payment for his Tesla products, the complete crypto market faced a tragic downfall. Prices surged down tremendously for not only Bitcoin but also for all other altcoins. Ever since this big dump, not many cryptocurrencies came up including Bitcoin. The price of BTC dropped from $58,000 to $42,000 from the day of the tweet. Yet amidst all this, Tom Lee confidently proposed that BTC will be touching $1,25,000 this year drastically.
He further stated Elon’s recent tweets on Bitcoin are due to pressure from the investors. He adds, Elon’s comments would not impact the BTC and BTC bull will for sure soar to greater heights. In order to prove his words he profusely increased the predicted price of BTC from $1,00,000 to $1,25,000.
Is the Market downfall due to Elon?
Upon Elon’s announcement of ceasing BTC from Tesla products, the BTC price fell profusely. It witnessed a fall of more than 15%. Everyone blamed and accused Elon of bringing the prices down. The BTC supply to the exchanges actually increased right even before Elon’s announcement and tweet, indicating the sell-off point. This contradicts that people were aware of the forthcoming Elon’s decision and this made them put their BTC into the exchanges or simply Elon has nothing to do with the price of BTC.
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