Tom Lee, managing partner at Fundstrat Global Advisors, forecasted that the Bitcoin price would hit $200,000 in 2022 at a webinar hosted by investing education platform Market Rebellion.
Despite the fact that the renowned market analyst believes the cryptocurrency’s gains in 2021 were underwhelming, he predicts the crypto king will exceed next year.
Cryptocurrency equities to enjoy a banner year in 2022, according to the permabull.
This has been a disappointing year for Bitcoin.
On Nov. 10, Bitcoin hits an all-time high of $69,044, then, a dramatic decline.
Many bulls expected a significant year-end rise from the cryptocurrency, but it did not materialize. After recouping some recent losses, it is now trading at $51,067.
Despite a strong start to the year, Bitcoin witnessed a significant drop in the second quarter. Environmental worries about the proof-of-work consensus method, as well as China’s severe cryptocurrency ban, prompted the move.
The Bulls’ inability to maintain their pace in November dashed dreams of meeting Lee’s oft-stated $100,000 goal by the end of the year.
Because of his overly optimistic projections, Lee is frequently seen as a permabull by his critics.
This critique is not without merit: in December 2018, Fundstrat abandoned up trying to forecast Bitcoin’s price action after Lee made many disastrous calls on the eve of the harsh bear market, which became a source of ridicule in the investment world.
Last year, Lee redeemed himself by correctly predicting a quick stock market recovery following the pandemic-driven fall.
According to the analyst, the S&P 500 index will end the year above 5,100.
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