Fundstrat co-founder and head of research Tom Lee thinks it won’t take long for Bitcoin to return to its all-time high at around $20,000.
In a new interview with Block in Press, Lee says the leading cryptocurrency has already proven its resilience.
But in order to power the next bull run, Lee suggests the S&P 500 will need to stabilize, and the US-China trade war along with Brexit may also play a key role.
“I think Bitcoin will be able to reach $20,000 soon. Bitcoin has survived and proved value even in numerous downturns.
There aren’t a lot of assets that have survived the drop in value below 90%, but Bitcoin has survived again and again.”
According to Lee, Bitcoin’s past price history reveals that it makes most of its gains in just 10 disparate days of a given year.
But if you don’t own Bitcoin for those 10 best days out of the year, Lee says the annual return is -25%.
Before everyone starts freaking out whether crypto winter is over, remember the @fundstrat ‘rule of 10 best days’ (rule #6)
– ex-10 best days, #bitcoin down 25% per year. All the gains come in 10 days. Are u that good at trading?
PS: we believe $BTC is weak in trendless macro. pic.twitter.com/zzDOfPjVBq
— Thomas (Tom) Lee (not drummer) FSInsight.com (@fundstrat) September 28, 2019
