Fundstrat Global Advisors’ price target for Bitcoin was updated to “over $20,000 by the end of the year”, according to Tom Lee, founder and head strategist of the equity research house. While bullish and predicting a turn of events within the next six months, Lee’s forecast is still a cut of about 20% on the previous price target, estimated at $25,000.
Tom Lee, the only major Wall Street analyst to issue price forecasts for Bitcoin, takes the whole history of Bitcoin and the most recent developments into account when updating the price target, which once was placed at $25,000. Lee explained on CNBC’s pre-market morning news and talk program “Squawk Box” how he calculated the new $20,000 target for the year-end.
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