Despite the inability of Bitcoin to break past USD 8,000 this week, following a retreat from its 2019 high of USD 9,000 last week, Bitcoin analyst and co-founder of Fundstrat Global Advisors Tom Lee has insisted that his earlier assessment stands. Should the USD 10,000 price be breached, which he says is the real marker for FOMO, then within five months, Bitcoin will surge towards USD 40,000.
His bullishness has not been diminished at all, and he put his case down during an interview with Binance CFO Wei Zhou during an episode of Binance Podcast, underlining an aggressive prediction for the short term on the potential heights for Bitcoin if it could gather sufficient momentum.
Zhou did agree that if USD 10,000 were achieved, then the climb to Bitcoin’s current all-time high of USD 20,000 would be “fast and furious” before accelerating to a historical price surge of 200% to 400%.
When exactly this would happen is of course, up in the air, but Lee believes that even current levels at USD 8,000 is not a bad run so far for the bulls. He believes that at these prices, “it’s at a level that very few people have lost money owning bitcoin here”. Institutional investors will make their presence known once key resistance levels have been broken, he says:
“Every institution is going to realize, look at USD 10,000 it’s likely to go back to its all-time high, which is double. There are very few things that can double. So I think FOMO truly gets triggered once Bitcoin hits USD 10,000.”
Lee believes that many big investors were frightened when Bitcoin shed 80% of its value in over a year, since stocks don’t normally recover from that sort of performance. But Lee says that they may not realize yet Bitcoin is a different animal:
“At the end of the day, Wall Street – if there’s a known asset class and they believe they can have an edge, they’re going to be quite interested in investing in it…At the right tipping point, and it’s either going to be because of the size of the blockchain or the size of the crypto market itself, Wall Street’s going to suddenly say, ‘Hey look, I don’t care if I understand exactly what’s happening but if I can make a lot of money let’s go ahead and do it.’”
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