[9-16]25K Bitcoin Price: Wall Street‘Bear’ Doubles Down Despite Recent Pullback

[rabeh boukhnona]

Wall Street “bear” Tom Lee doubled down on his prediction that the bitcoin price will reach $25,000 by 2022, shrugging off concerns about the recent market downturn.

Lee, a managing partner at Fundstrat, reaffirmed this long-term price target in an interview with CNBC’s “Fast Money.” He bases his prediction on the increasing trend to view bitcoin as a store of value and a hedge against inflation, forecasting that it will capture some of gold’s market share. He also stated that younger investors–particularly those under age 30–believe that bitcoin makes “perfect sense” as an investment vehicle.

Despite the recent China fueled-pullback, he contradicted claims that bitcoin is in a bubble, such as those recently made by JP Morgan chief executive Jamie Dimon. Noting that research indicates there are only about 300,000 bitcoin wallets that hold the equivalent of $5,000 or more, he said that calling bitcoin a bubble is comparable to analysts who called iPhone adoption a bubble after 500,000 consumers purchased one within the first four days of its 2007 release.

The strategist–who foresees bearish performance from the stock markets in the near future–has previously written that he anticipates bitcoin will receive increasing attention from institutional investors, particularly since LedgerX and CBOE holdings have received regulatory approval to begin providing options and futures trading. He has also suggested that central banks might begin to view cryptocurrency differently if the bitcoin market cap can break through $500 billion, which would require a bitcoin price of around $30,000.

At present, the global average bitcoin price is $3,581, which translates into a $59.3 billion market cap. On Western exchanges, it is almost universally trading above $3,600, with BTC/USD topping out at $3,759 on GDAX. However, bitcoin continues to trade far below the average on Chinese exchanges, which should be unsurprising given recent events. At the time of writing, both OKCoin and Huobi valued BTC/CNY at about $3,030.

source: https://www.cryptocoinsnews.com/25000-bitcoin-price-wall-street-bear-doubles-down-despite-recent-pullback/

[1714029025]

1714029025

[1714029025]

1714029025

[1714029025]

1714029025

[hatshepsut93]

I have a feeling that some people from traditional finance markets are using Bitcoin to influence their own positions on said markets, because in eyes of many people Bitcoin and fiat are mortal enemies. So, people who are deeply into fiat, like Jamie Dimon are trying to sink Bitcoin because they believe it might strengthen their position on fiat markets, while people like Tom Lee are supporting Bitcoin because they want fiat markets to go down. But I personally think that Bitcoin should be more often viewed as an independent project that doesn't need fiat to fail in order to succeed. I think the most likely outcome in the future is that both Bitcoin and fiat will be present in our lives in some proportion.

[error08]

Indeed, recent bad news about Chinese Regulators shut down local exchanges isn't so bad for bitcoin environment because they have the reasons to do so. What's matter is how people respond to the market situation and decide to be involved and dumped their bitcoin as well, most people may just want to get profits in the end by buy back strategy, but how pity they are who panic sell and want to cut loss.

[Marry Finch]

Tom Lee again made a reasoned optimistic forecast about the cost of bitcoin in the next five years. You can agree with him, because there are no objective reasons for reducing the rate of bitcoin. He fell in price only because of the Chinese news on the restriction there of circulation of the crypto currency.

[richardsNY]

Article points out that China is trading considerably lower than the western market, and that's exactly how it should be. The western market needs to disconnect itself from China, and the sooner this happens, the lower the priority of the Chinese market will be when it's getting hit by the authorities again. It's utterly annoying that when China is forcing through whatever regulations, the entire market gets impacted, and this needs to change -- the major difference in price is a very decent first step.