Top Wall Street strategist Thomas Lee asserts crypto will re-emerge strongly despite the dismal performance in 2022.
In February, Lee made a bullish prediction about BTC and said the king coin could surge to $200K in the coming years.
Lee, expressing his views in a media interview, reiterated his outlook on bitcoin and the crypto market in general. The top analyst said there is nothing abnormal in the crypto bear market as it was there in 2018 as well and bitcoin price crashed more than 70% from the peak value.
Lee’s Fundstrat is known for many path-breaking forecasts. It published a report on Bitcoin back in 2017 and predicted the flagship cryptocurrency could be worth between $15,000 and $50,000 by 2022. That prediction has largely come true, with Bitcoin trading near the $50,000 mark at the beginning of the year.
Lee agreed with the view that 2022 has been a hard year for crypto and noted that in 2018, too, bitcoin fell from $17,000 to around $1,200. Yet some of the best projects were created that year.
Calling the current market downturn “an important moment”, Lee said it is cleansing a lot of bad players. But crypto is not dead as its staying power is undiminished because of what it offers. Lee also expressed confidence that BTC will surge to its older price levels and will go even higher.
On the question of whether BTC will break out above the $17K level, market watchers see bitcoin price confining to a tight consolidative range, vying to breakout. But due to prevailing market sentiments, a bold and sustained move for BTC can wait until the start of a new week.