Tom Lee bullishly claims Bitcoin will rise to $25,000 mark by the year end

Total
0
Shares

Lee claims the aforementioned, in an interview during CNBC’s “Trading Nation” show August 25.  The co-founder of Fundstrat Global Advisors based his current assumption upon the relationship between the price of BTC and BlackRock’s iShares MSCI Emerging Markets exchange-traded fund (ETF), which tracks large and mid-sized companies in emerging markets.

The correlation

He further noted that hedge funds have stopped buying into funds tied to emerging markets due to market sell-off risks. A similar trend is observed for BTC as well. Lee believes Bitcoin’s trend will follow the change in direction in emerging markets.

Lee has been bullishly confident about Bitcoin for quite long. Earlier this month, Lee stated that BTC is keeping up the current levels of price and volatility and thus cannot be considered ‘broken.’

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like