Tommy Lee is one of the biggest bear analysts on Wall Street. Over the next five years, he has sustained his bullish outlook for Bitcoin.
Fundstrat, the founder is one of the largest independent research and analysis firms. According, to the statistics by 2022 has repeated projection of $25000 and for this year $6000.
Awareness, commodities, and banks
Lee’s repeat is from Metcalfe’s law analysis, states that any investment network’s value increase on the number of users within it. By the end of the year, he analyzed at least 50% upsurge in Bitcoin users. The greater public awareness will continue to fuel the increase in price.
“We see Bitcoin as gaining from institutional sponsorship, improving transaction platforms and ultimately, greater public adoption”.
It is allows or investors to participate in Bitcoin without any direct exposure, gathering for funds into the marketplace. This is done in the recent acceptance of LedgerX’s application for future trading on Bitcoin.
Additionally, Lee sees central banks participating in the cryptocurrency as well. He commented:
“While one may say this is preposterous to say central banks would own Bitcoin – we believe that central banks would view cryptocurrencies differently if Bitcoin’s aggregate value exceeded $500 bln”.
The volatility may well cause some price consolidation from the highs of last week. Therefore, short-term traders was warn by Lee.
According to the analyst, August run had been overbought and there would backtracking to support levels. Formerly, it is moving forward again toward his predicted price point.