Mine cPen Network: A Cutting-edge Web3 Social Media Platform

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Tom Lee: Bitcoin can still hit $25,000 by End of This Year

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Enat DigitalBiz @Tom Lee bitcoin can still hit $25,000
Bitcoin
The Co-Founder of Fundstrat pointing out a correlation between the cryptocurrency's rise and fall with the status of emerging markets. The crypto bull also stated that Bitcoin will close the year on a high.

His arguments are based on the Bitcoin slump which has seen a 60% fall in the cryptocurrency's value when compared to its peak in January 2018. Tom Lee stated that the cryptocurrency industry has been regarded as the sector that is rented and not as something that is established and trust-inducing. 

He went on to say that the correlation between emerging markets and Bitcoin becomes very evident in a risk-averse society such as ours. According to him, the emerging makes a leap into something that is upcoming and vice-versa when the risk is off.

Lee also went on to speak about the cryptocurrency adoption trends occurring in several countries across the globe, a factor, according to him, in the fluctuating economy. He gave his two cents on the various capital control measures implemented by individual countries. Lee spoke about how the discussion of cryptocurrencies in countries such as Japan, China, and South Korea has brought the Bitcoin-related discussion into the realm of mainstream news.

He then shifted his discussion to what lies in store for Bitcoin and cryptocurrencies in general. Lee focused on market trends and signals and said:
The market has been quite confusing for a while now . The existing signs point out to a recession like financial ecosystem and that is just baffling."
 According to Lee, the emerging market stocks are quite attractive right now, seeing a rising adopting rate, ease of marketability and strong developmental index. He stood on his belief that Bitcoin will reach a peak of $25000 and stated that the phenomenon is still possible.


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