When Bitcoin is experiencing its lowest levels of volatility in history and remaining within a short trading range of $6,300 and $6,500, yet Lee is still confident that the currency could end 2018 on a high note.
Fundstrat’s Tom Lee has always been one of Bitcoin’s biggest bulls.
For several months, despite the wavering price of everybody’s favorite cryptocurrency, Lee has stuck to his guns and remained adamant that the currency could end the year at an even $25,000.
Many enthusiasts look upon last December as a time of joy and happiness when Bitcoin reached an all-time high of nearly $20,000. The crypto appeared unstoppable; ventures like CME Group and CBOE paved the way for Bitcoin futures trading, and digital exchanges like Coinbase found themselves adding hundreds of thousands of new users.
Since December 2017, Bitcoin has been trapped in relatively bearish conditions.
But starting in January 2018, the cryptocurrency has been trapped in relatively bearish conditions due to issues and attacks in the digital asset space that seemingly haven’t let up.
The year started out on a negative note when Coincheck, one of Japan’s biggest digital currency exchanges, became the alleged victim of a hack that saw over $500 million in cryptocurrency funds vanish overnight.
Since then, 2018 has witnessed further hacks and data breaches that have caused further downgrades in the currency’s stature including those on Bithumb and Coinrail in South Korea, which saw thefts of roughly $30 million and $40 million respectively.
Other reports claimed that hundreds of millions of dollars were being lost due to fraudulent initial coin offerings (ICOs), and as a result, internet giants like Google, Facebook and Twitter began changing their advertising protocols to disallow ads relating to digital currency-related ventures. This saw further drops in Bitcoin’s value.