Fundstrat Analyst Tom Lee Says Bitcoin Will Hit $40000 By The End Of 2020

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Parth Vig
Parth Vig is a Management student, and a keen observer of Cryptocurrency and blockchain technology, his interest in writing brings him to thecoinrepublic.com, He believes that he has many ideas that he pens down and he feels it would be a great asset for any kind of creative writing.
  • Tom Lee, during his appearance on CNBC’s Power Lunch, predicted that the Bitcoins would see a “moonshot” to $40,000 per coin by the end of this year.
  • Bitcoin is expected to see an increase in its value by up to 200% within the next six months.
  • Fundstrat analysts believe that the Dow Jones Industrial Average would be the first one in this race to reach the 30,000 marks.

Tom Lee, during his appearance on CNBC’s Power Lunch, predicted that the Bitcoins would see a “moonshot” to $40,000 per coin by the end of this year. His bullish prediction comes at a time when Bitcoins are not performing so well. The value recently fell below $10,000.

Kelly Evans of CNBC tweeted on this,

According to Lee, his earlier talking points are quite appropriate to explain the reason behind Bitcoin hitting a $40,000 mark this year. He believes that Bitcoin price action will be the primary catalyst along with the events occurring throughout the world, such as the coronavirus outbreak, as well as the bullish technical signals that determine the $40,000 target.

Bitcoin is expected to see an increase in its value by up to 200% within the next six months. Lee is totally convinced that this will be the driving force behind Bitcoins, reaching an all-time high.

Fundstrat analysts believe that the Dow Jones Industrial Average would be the first one in this race to reach the 30,000 marks. Lee later, corrected himself saying that Bitcoin would end up beating Dow in a race to $40,000.

Other Twitter users were impressed by this segment of CNBC‘s Power Lunch. They believe that it might not be possible that the Bitcoin would grow 300% within the coming months, but Tom Lee is not wrong, and on looking at the credibility of Tom Lee and Fundstrat, it is a good time to open a Bitcoin portfolio.

However, just like any other tweet, people would also oppose this statement as well. One such user claims that Tom Lee made a similar claim in 2018, which did not come true. He also made a similar comment in 2019, and Lee is bullish all the time, claimed another user.

In the end, what matters is that one needs to have a few Bitcoin to be affected by such predictions.

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