Tom Lee, Co-founder Fundstrat Global Advisors, said in an interview with CNBC he predicts the price of Bitcoin will rise to $25,000 by the end of 2018 and $125,000 by 2022.
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“We expect bitcoin’s major low to be $9,000, and we would be aggressive buyers around that level…We view this $9,000 as the biggest buying opportunity in 2018,” said Lee.
The price of the cryptocurrency fell more than 30 percent between Monday and Wednesday dropping below the $10,000 level.
At press time, the price of bitcoin is $11,648 according to popular cryptocurrency exchange, CoinBase.
Lee’s 2018 $25k prediction is based on the ratio of alternative currencies like gold that are going into Bitcoin, as well as, an expected increase in interest from institutional investors and individual users who are getting into the space.