Fundstrat Global Advisors’ managing partner Tom Lee is disappointed with the end-year performance of Bitcoin (BTC) in 2021 but still thinks the leading crypto asset could soar to new heights in 2022.
In an interview with trading education platform MarketRebellion, Lee says that with Bitcoin surviving multiple hardships in 2021, BTC may only have clear skies ahead for next year.
“I think Bitcoin… You know, I’m disappointed it didn’t exit 2021 higher…
I think it’s still got a chance to rally because the S&P is rallying, so Bitcoin should move contemporaneously with that. 2022 should be a good year.
Because the things that disrupted Bitcoin in 2021, such as China essentially banning mining, trying to essentially ban Bitcoin, would have been considered a crypto winter-type event, and it didn’t kill Bitcoin.
So, unless the US government bans Bitcoin next year, Bitcoin has already had some of the negative catalysts already play out… so I think Bitcoin could do really, really well.”
When pressed for a Bitcoin price prediction, Lee states that the price of BTC could explode up to four times from current levels by the end of next year.
“Now, in terms of percentage upside, again I’m kind of disappointed it didn’t reach $100,000 this year, but I think next year [it will] easily get to the $100,000, but…
Let’s say that it should have been $100,000 this year, so maybe Bitcoin is in that $200,000 range [next year].”
Bitcoin is trading at $48,642 at time of writing, down over 6% on the day.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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