Last month, Bitcoin enthusiasts breathed a sigh of relief when they were informed that the Tom Lee Bitcoin price target was $25K by the end of 2018.
But a month later, now in the second half of the year, Tom Lee has changed his mind. He now expects that Bitcoin will trade a little over $20,000 by year-end.
Tom Lee Bitcoin Price Target: 20% Less Than Original
As the Bitcoin bulls and bears continue to fight, the Fundstrat co-founder has sided with both in certain instances. He admitted that Bitcoin’s trading volume has dropped. He cut his Bitcoin price target. Yet Mr. Lee made it evident Thursday that this is not something investors should fret over.
The New Tom Lee Bitcoin Price Target: July 5th, 2018
On Thursday, in an interview with CNBC, Lee said that he had cut his price target and expects to see Bitcoin at $22,000 per unit by the end of 2018. That’s 20% less than his previous $25K year-end projection.
According to Tom Lee, this is OK. He said any return nearing his $20K forecast for the coin by the end of the year would be an increase of roughly 200%.
Tom Lee Bitcoin Thoughts: Early Stages
In May, Bitcoin reached its most recent high, which was around the $9,800 price mark. Since then, BTC has lost roughly 30%.
Despite this, Tom Lee believes that Bitcoin, as well as blockchain technology, are only in the “early stages” of their transformation. He even called them a “multidecade story.”
Are Bitcoin Investors Worried?
Tom Lee appears to be undeterred. However, the new Tom Lee Bitcoin price target may have shocked a few people. Why? Because Lee has stuck by his $25K prediction through thick and thin – even when the Bitcoin price dropped during the 2018 Consensus conference.
Are you worried about the slash to the Tom Lee Bitcoin price target? Or, do you share his view that Bitcoin is in the early stages of transformation, and a few thousand is nothing to quibble over?
Featured Image: Twitter