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China’s recent crypto crackdown briefly sent Bitcoin’s (BTC) price below $30,000. However, Fundstrat Global Advisors' managing partner and the head of research still believes that the crypto has the potential to go $100,000 or even higher by year-end.
In an interview with CNBC, Tom Lee was asked if he still thinks that Bitcoin could reach $100,000 by the end of 2021 as he previously predicted. The analyst answered affirmatively even as he acknowledged that is not in the best position right now. “Yes, I mean Bitcoin is in a very rough patch now and the technical picture in the current term doesn’t look great,” Lee said.
For Tom Lee, BTC's potential to go above $100,000 this year has not diminished even though it fell below $30,000. “But we also have to keep in mind that Bitcoin makes most of its gains in ten days in a single year,” he explained. “The idea that it’s below $30,000 now doesn’t rule out the ability for this to generate really big gains before year-end, potentially touching $100,000 or higher.”
Lee explained that despite the series of bad news hitting BTC, the crypto is doing relatively well. “One perspective we have to keep in mind is we have a trifecta of bad news hitting Bitcoin from basically national mining bans to pretty tremendous regulatory scrutiny in the U.S. If you look at any other year, these would have taken Bitcoin deep into a bear market, into a crypto winter,” he said. “And yet Bitcoin is only fifty percent off its highs and that’s at a time where there has been an effort to reduce the amount of leverage in crypto and in Bitcoin positions.”
The analyst even believes that BTC holding at $30,000 is already impressive. “With that trifecta, the fact that Bitcoin’s holding $30,000, that’s really a technical breakdown, I almost think that it should be kind of just pretty impressive actually,” he said.
Bitcoin has already slightly recovered from Monday’s correction. At the time of writing, the crypto traded at $33,654 based on data from Coinmarketcap.
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