Thomas Lee got the Tax Season Prediction Right, That is Encouraging Since His Other Predictions Involve Bitcoin Surpassing All Time Highs
Thomas Lee of Fundstrat had a spot on prediction about Bitcoin, predicting it would go up as tax season ended (it did). His other predictions include $25k Bitcoin in 2018 and $91k by 2020.
In other words, Thomas Lee got his tax season prediction right, and this gives his bullish price predictions for 2020 just a little more weight.
To put the above in context, one should note the following:
- Lee doesn’t have magic powers or a crystal ball (no one does as far as I am aware). Lee has however made some pretty good predictions and released some interesting data over the years (for example, his rather useful Misery Index).
- Lee is a bit of a perma-bull (always bullish on Bitcoin, at least in the long term), and his business essentially revolves around cryptocurrency. That said, he has had accurate predictions in the past that ended up being conservative in practice (like $6k in 2017) and he has also been pretty honest about calling for and expecting lows in between the highs.
- Lee doesn’t expect Bitcoin to get to $25k or $91k in a straight line. He is honest about its historic volatility.
- Lee’s prediction is at least in part based on historic data that shows how Bitcoin tends to pull off strong rebounds after hitting low points.
In short, Lee has his biases toward Bitcoin, but he also tends to approach predictions from an honest place and has a pretty solid history of being right. No one can say if his future price predictions will prove as accurate as some of his previous predictions, but regardless both him and his predictions are worth being aware of.
You can follow Thomas “Tom” Lee on Twitter to hear his thoughts and opinions straight from him.
TIP: Saying “cryptocurrency is volatile and you should be ready to lose your investment” is a bit like saying “this is a free to use informational crypto site and not a place to find investment advice.” That is to say, it feels redundant to remind readers of this, but at the same time… both those things are true and worth noting often.
BOTTOMLINE: One bullish Bitcoin prediction by Thomas Lee came true, thus we can now wonder if the next one will. From one perspective this is exciting, from another, it should remind us to be cautious. The takeaway here isn’t just “Bitcoin recovered nicely and could go to $25k” it is also “Bitcoin recovered because it just got done spending months on end dropping from $20k in the first place” (one of many harsh corrections in the history of crypto, on the back of one of many quick and impressive rallies to epic highs).
- Thomas Lee. Twitter.com
- Wall Street Analyst Creates ‘Bitcoin Misery Index’ For Traders. Cointelegraph.com
- Tom Lee Predicts Bitcoin To Reach $91,000 by March 2020, Based On Performances After Past Dips. Cointelegraph.com.
- Bitcoin (BTC) to Hit $25,000? Crypto Bull Thomas Lee Thinks So. Cryptocurrencynews.com.