Bitcoin (BTC) Could Gain Even More This Year Than in 2019, Says Fundstrat's Tom Lee

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Fri, 01/17/2020 - 19:52
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    Fundstrat's Tom Lee continues to insist that 2020 will be the year of Bitcoin (BTC) bulls

Cover image via www.youtube.com

Fundstrat's Tom Lee reiterated his earlier prediction about Bitcoin (BTC) posting bigger gains in 2020 than in 2019 during his most recent appearance on Yahoo! Finance.

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Lee claimed that the combination of "elevated" geopolitical tensions, the upcoming reward halving, and institutional money would form a perfect setup for Bitcoin's next rally in 2020. 

Bitcoin could hit $14,000 in 2020 

As reported by U.Today, Fundstrat concluded that there was a strong probability that the price of Bitcoin could surge by more than 100 percent in 2020, which means that BTC is expected to close this year at least at $14,000 by the famed Wall Street analyst. 

Back in July 2019, Lee claimed that BTC could touch up to $40,000 by Q4 2019, which was an extremely inaccurate prediction. However, due to the aforementioned headwinds, the permabull might finally be spot-on this year. 

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These stocks could pop with Bitcoin 

For those who do not want to directly buy Bitcoin but still want exposure to the volatile asset class, Lee recommends taking a look at companies like Square. The Jack Dorsey-helmed payments giant introduced Bitcoin deposits for its Cash App in June 2018.  

Lee also mentioned Barry Silbert's Grayscale Bitcoin Trust (GBTC) that can be accessed by many US investors. Grayscale's coffers increased by $600 mln in 2019 with 71 percent of this sum being attributed to institutional investors. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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