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After Predicting $500,000 Bitcoin Price, Fundstrat's Tom Lee Applauds BlackRock-Fueled Recovery

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Fri, 16/06/2023 - 20:25
After Predicting $500,000 Bitcoin Price, Fundstrat's Tom Lee Applauds BlackRock-Fueled Recovery
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After making his previous audacious prediction of Bitcoin potentially reaching $500,000, Fundstrat's Tom Lee seems optimistic about the digital currency's recovery.

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In his latest tweet, Lee applauded a "good day" for Bitcoin and digital assets. However, it is worth noting that he has a history of being a permabull in the crypto market, which means that many of his forecasts have proven inaccurate.

This latest market recovery, prompted by BlackRock's application for a spot Bitcoin ETF, has pushed Bitcoin to $26,371.81, a 3.5% increase in 24 hours.

The shares of MicroStrategy are up by more than 5%, and the discount on Grayscale's GBTC has narrowed, adding to the positive sentiments in the crypto market.

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In a series of tweets back in May, Lee made reference to Fundstrat's crypto presentation. He suggested Bitcoin's lows could lead to a surge between $250,000 to $500,000, views also echoed by figures such as Cathie Wood and Tim Draper.

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Image by @fundstrat

His tweets emphasized the correlation between the performance of Bitcoin and equity markets, underlining that cryptocurrencies tend to thrive when traditional markets like the S&P 500 are robust.

Lee also pointed out the potential stumbling blocks for the crypto market in the U.S., alluding to "Operation Chokepoint 2.0" as a prospective headwind.

Regardless of these challenges, and despite his track record of incorrect predictions, Lee's bullish stance remains undeterred. 

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