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%.