Tom Lee is at it again with his price predictions. The Fundstrat analyst is predicting $40,000 for BTC by the end of 2020, but is it possible he’s on track this time?
Lee Is Back to His Old Self
Lee has always been there to remind the world of how solid bitcoin is. No matter what it’s going through, no matter how many drops it incurs, Lee is there to tell us about its greatness. He’s confident it’s the future of finance, but his price predictions have left some wanting.
For example, 2018 was a rough year for bitcoin and cryptocurrency in general. After reaching its all-time high of nearly $20,000 at the end of 2017, the currency experienced a sudden wave of negativity that brought it down into the mid-$6,000 range by the time summer 2018 came along. From there, bitcoin managed to retain its position over the next five months until the Thanksgiving holiday rolled in, which brought fresh lows for everybody’s favorite cryptocurrency.
The number one digital asset by market cap was the subject of another serious drop during this period following a hard fork of bitcoin cash (BCH) – bitcoin’s little brother – that brought about an entirely new cryptocurrency called bitcoin SV (BSV). The currency pitted many of the industry’s leaders and experts against each other, and bitcoin dropped into the mid-$3,000 range. It is estimated that by the end of 2018, BTC had lost as much as 70 percent of its value.
BTC wasn’t alone during its dismal plight. Other currencies, such as Ethereum (ETH) and EOS (EOS) lost even more value and fell by a record 90 percent each.
In the middle of everything was Lee, claiming that bitcoin, regardless of the negative waves hitting it right and left, would end the year at a solid $25,000. This was even higher than where it had ended 2017. When it became clear that this wasn’t going to happen, Lee lowered his price prediction to $20,000, and then finally concluded that BTC would hit the $15,000 mark within the final months.
Either way, none of these predictions came true, and the currency was at its weakest point in years. Lee eventually stated that he and his company would no longer predict bitcoin’s price and would instead focus on trends and technical data.
2020 Marks a New Time for BTC
But Lee didn’t stick to this promise. In 2019, he predicted big things for bitcoin, suggesting that the currency could jump as high as $40,000 per unit at one point. Again, this did not occur, and BTC ended the year at the mid-$7,000 range. This was double where it had been in 2018, but it was nothing to get too excited about.
Now, Lee is predicting $40,000 again for this year, citing the coronavirus in China and the November presidential election as big contributing factors.