The revival, fueled by BlackRock’s filing of a Bitcoin ETF, comes just a month after Lee’s bold Bitcoin price prediction of $500,000
After making his previous bold prediction that Bitcoin could hit $500,000, Fundstrat’s Tom Lee seems optimistic on the recovery of digital currency.
In his last tweet, Lee applauded a “good day” for Bitcoin and digital assets. However, it should be noted that he has a history of being a permabull in the crypto market, which means that many of his predictions have turned out to be inaccurate.
This latest market rally, prompted by BlackRock’s demand for a spot Bitcoin ETF, pushed Bitcoin to $26,371.81, a 3.5% increase in 24 hours.
MicroStrategy shares rose more than 5% and Grayscale’s GBTC discount narrowed, adding to positive sentiments in the crypto market.
In a series of tweets back in may, Lee referenced Fundstrat’s crypto presentation. He suggested that lows in Bitcoin could result in a rise of $250,000 to $500,000, opinions also echoed by the likes of Cathie Wood and Tim Draper.
His tweets highlighted the correlation between Bitcoin’s performance and stock markets, pointing out that cryptocurrencies tend to thrive when traditional markets like the S&P 500 are strong.
Lee also highlighted potential stumbling blocks for the U.S. crypto market, alluding to “Operation Chokepoint 2.0” as a potential headwind.
Regardless of these challenges, and despite his history of incorrect predictions, Lee’s bullish stance remains steadfast.