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Bitcoin (BTC) has been highly volatile lately as crypto fell from above $50,000 to just above $31,000 in just days. However, Fundstrat co-founder remains undeterred and believes that the crypto could still reach $100,000 by the end of 2021.
“I think bitcoin is hyper-volatile,” Lee said in an interview with CNBC. “That’s the nature of it, but that’s what creates the reward for people.”
After last week’s correction, Bitcoin has rebounded but appears to be stuck between the $37,000 and $39,000 range. As of writing, BTC traded at $38,021.65 based on data from Coinmarketcap.
While the crypto’s currency price is still around 40 percent lower than its all-time high above $64,800 set in mid-April, Tom Lee is still confident that it could climb to six-digit figures by year-end. “Again, even though bitcoin is in the penalty box now, I still think it could exit the year over $100,000,” he said.
Lee, who is also the head of research at Fundstrat Global Advisors, made his $100,000 Bitcoin price target by end of 2021 in December last year.
He is not too worried about the volatility of the crypto’s price. In fact, he views it as an opportunity for investors to earn profits.
“Bitcoin volatility is sort of systematic to the network itself, so I think anybody who buys bitcoin has to be aware it’s always going to be hyper-volatile. That’s the opportunity,” Lee explained.
The recent crypto market pullback was caused by a number of catalysts that negatively affected the prices of most cryptos. These include Elon Musk’s announcement of Tesla’s decision to stop accepting Bitcoin as payments, his criticism of BTC’s carbon footprint, and China’s calls for a stricter crackdown on crypto miners and traders.
“This is essentially a bit of a wake-up call,” Lee said. “When you look at where the selling is taking place, it’s not from the original holders of bitcoin, but it’s a lot of new accounts.”
