After taking an extended break from forecasting, Fundstrat co-founder and head of research Tom Lee is back with a new Bitcoin prediction.
Lee told MarketWatch that investors’ appetite for Bitcoin has returned, and if a couple things fall into place, BTC could hit $10K by the end of the year.
“Risk appetite is positive for Bitcoin. If the S&P 500 made a 2.5 standard deviation move [as it has done year-to-date] and investors are looking for volatility, that’s building a base case for Bitcoin.”
Currently Bitcoin is up 38% year-to-date, topping $5,000 from $3,700 in January, outperforming the Nasdaq 100 and the S&P 500.
Oil $USO: +38%
Bitcoin $BTC: +35%
Nasdaq 100 $QQQ: +21%
REITs $VNQ: +19%
MLPs $AMLP: +18%
Small Caps $IWM: +18%
S&P 500 $SPY: +17%
EM $EEM: +14%
EAFE $EFA: +13%
Commodities $DBC: +13%
High Yield $HYG: +9%
Investment Grade $LQD: +6%
Bonds $AGG: +2%
Gold $GLD: +0.5%
— Charlie Bilello (@charliebilello) April 13, 2019
Early last year, Lee predicted BTC would return to $20,000 by the end of 2018, a number he later adjusted to $15,000.
Right now, the crypto markets are mixed. Bitcoin is down 0.13% at $5,078. Ethereum is up 0.51% at $163.87, and XRP is down 0.35% at $0.3255.
Technical analysts are watching for a potential downside push below $5,000 for Bitcoin, and identifying support levels for Ethereum, XRP and Litecoin.
CryptoGlobe – Long term, bears not expected to pull price below $0.25
FXStreet – Bounce is expected, but will it sustain?