Satoshi

Bitcoin

David

Standard

Partner

<div class="watcher-guru"> 
 <p>Fundstrat Global Advisors’ Tom Lee recently made a prediction during a CNBC interview and asserted that the approval of a spot Bitcoin ETF could trigger a five-fold increase in valuation. Specifically, he said,</p> 
 <p><strong>“I think the demand will be greater than the daily supply of Bitcoin, so the clearing price […] is over $150,000, could even be $180,000.”</strong></p> 
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
  <div class="wp-block-embed__wrapper"> 
   <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
    <p lang="en" dir="ltr">“If the Spot #Bitcoin ETF gets approved … the clearing price of $BTC is above $150,000.” – Tom Lee @fundstrat pic.twitter.com/ILQZqdjsZA</p> 
    <div class="quads-location quads-ad33739 " id="quads-ad33739" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;"> 
     <div class="publift-ad add"> 
      <div data-fuse="22560828227"></div> 
     </div> 
    </div> — Michael Saylor⚡️ (@saylor) August 16, 2023 
   </blockquote> 
  </div> 
 </figure> 
 <p>Tom Lee has made several bold predictions in the past. In this article, we will analyze a few of them and see if they have materialized or not.</p> 
 <h3 class="wp-block-heading" id="h-prediction-1">Prediction 1</h3> 
 <p>Bitcoin underwent its previous halving in May 2020. This event resulted in the miner block reward being slashed by half to 6.25 BTC. In January 2020, i.e. a few months before the event, he pointed out that the halving had not been priced in yet. Lee said that several positive convergences that enhance the use case and the economic model for crypto and Bitcoin have been noted. Thus, he believed that Bitcoin and crypto’s total ROI would exceed that of 2019 in 2020. He added</p> 
 <p><strong>“We see strong probability that Bitcoin gains &gt;100% in 2020.”</strong></p> 
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
  <div class="wp-block-embed__wrapper"> 
   <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
    <p lang="en" dir="ltr">We published our 2020 Crypto outlook and made the full report available for our clients. <br><br>– bottom line: financial markets tend to discount 1-3 months, and maybe 6 months (max). So highest probability is halvening not priced in<br><br>Cc: https://t.co/YRDQQ7TSzv $BTC #<a rel="noopener noreferrer nofollow" title="bitcoin" href="https://thebittimes.com/tag/bitcoin.html">bitcoin</a> #BTFD pic.twitter.com/i6sOIVQoc0</p>— Thomas (Tom) Lee (not drummer) FSInsight.com (@fundstrat) January 10, 2020 
   </blockquote> 
  </div> 
 </figure> 
 <p>Indeed, Bitcoin’s performance in 2020 outshined the asset’s 2019 performance. In 2019, the asset fetched investors an ROI of 94%, while in 2020, they earned 302%. Thus, this prediction by Tom Lee managed to hold water.</p> 
 <figure class="wp-block-image size-full"> 
  <img decoding="async" width="619" height="71" src="https://cdn.thebittimes.com/images/2023/08/17/2113dc24ef3964e338dd173e9c74e98b.webp" alt="" class="wp-image-107281" srcset="https://cdn.thebittimes.com/images/2023/08/17/2113dc24ef3964e338dd173e9c74e98b.webp 619w, https://cdn.thebittimes.com/images/2023/08/17/2113dc24ef3964e338dd173e9c74e98b.webp 300w, https://cdn.thebittimes.com/images/2023/08/17/2113dc24ef3964e338dd173e9c74e98b.webp 380w, https://cdn.thebittimes.com/images/2023/08/17/2113dc24ef3964e338dd173e9c74e98b.webp 550w" sizes="(max-width: 619px) 100vw, 619px"> 
  <figcaption class="wp-element-caption">
    Source: Bankrate 
  </figcaption> 
 </figure> 
 <p><strong>Also Read: 1005 ‘Virgin’ Bitcoins Moved After 13 Years: Is Satoshi Back?</strong></p> 
 <div class="quads-location quads-ad33742 " id="quads-ad33742" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;"> 
  <div class="publift-ad add"> 
   <div data-fuse="22560828233"></div> 
  </div> 
 </div> 
 <h3 class="wp-block-heading" id="h-prediction-2">Prediction 2</h3> 
 <p>Next, in February 2020, Fundstrat’s Lee predicted that Bitcoin could attain an all-time high of $27k that summer. He pointed out that one bullish technical factor made him “really optimistic” about the asset’s short-term potential back then. He explained that January was a great month for Bitcoin because it recovered above its 200-day MA. He added,</p> 
 <div class="quads-location quads-ad15192 " id="quads-ad15192" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;"> 
  <div id="primisContainer" class="add"></div> 
 </div> 
 <p><strong>“That’s a big deal as you know, as anyone who’s a trend follower knows — when you’re back above your 200-day, you’re back in a bull market. Whenever Bitcoin breaks back into its 200-day, its average six-month gain is 197%.”</strong></p> 
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
  <div class="wp-block-embed__wrapper"> 
   <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
    <p lang="en" dir="ltr">Highlight: “We’re really optimistic on crypto and <a rel="noopener noreferrer nofollow" title="bitcoin" href="https://thebittimes.com/tag/bitcoin.html">bitcoin</a> this year,” @fundstrat’s Global Advisors Managing Partner &amp; Head of Research Tom Lee says. “Whenever <a rel="noopener noreferrer nofollow" title="bitcoin" href="https://thebittimes.com/tag/bitcoin.html">bitcoin</a> breaks back into its 200 day, its average six-month gain is 197%.” pic.twitter.com/2tqzsuOV0m</p>— Yahoo Finance (@YahooFinance) February 4, 2020 
   </blockquote> 
  </div> 
 </figure> 
 <p>Right after his prediction, Bitcoin shed value. From a level of around $10,000 in February 2010, the asset reached a low of $3717 by March. The asset surpassed $27,000 for the first time only on December 27, 2020. Thus, on the time front, Lee’s prediction was not feasible this time.</p> 
 <figure class="wp-block-image size-large"> 
  <img decoding="async" width="1024" height="456" src="https://cdn.thebittimes.com/images/2023/08/17/83b4d7b85af84f7eeb33b6eed6a14cfb.webp" alt="" class="wp-image-107284" srcset="https://cdn.thebittimes.com/images/2023/08/17/83b4d7b85af84f7eeb33b6eed6a14cfb.webp 1024w, https://cdn.thebittimes.com/images/2023/08/17/83b4d7b85af84f7eeb33b6eed6a14cfb.webp 300w, https://cdn.thebittimes.com/images/2023/08/17/83b4d7b85af84f7eeb33b6eed6a14cfb.webp 768w, https://cdn.thebittimes.com/images/2023/08/17/83b4d7b85af84f7eeb33b6eed6a14cfb.webp 380w, https://cdn.thebittimes.com/images/2023/08/17/83b4d7b85af84f7eeb33b6eed6a14cfb.webp 550w, https://cdn.thebittimes.com/images/2023/08/17/83b4d7b85af84f7eeb33b6eed6a14cfb.webp 800w, https://cdn.thebittimes.com/images/2023/08/17/83b4d7b85af84f7eeb33b6eed6a14cfb.webp 1160w, https://cdn.thebittimes.com/images/2023/08/17/83b4d7b85af84f7eeb33b6eed6a14cfb.webp 1276w" sizes="(max-width: 1024px) 100vw, 1024px"> 
  <figcaption class="wp-element-caption">
    BTC/USDT by TradingView 
  </figcaption> 
 </figure> 
 <p><strong>Also Read:&nbsp;Bitcoin Miner Earns 5019590600% Profit After Holding 150 BTC for 13 Years</strong></p> 
 <h3 class="wp-block-heading" id="h-prediction-3">Prediction 3</h3> 
 <p>Right after, Lee asserted in another CNBC interview that he would not pick the Dow over Bitcoin. At that time, the Dow was trading around its ATH of 29,280, while BTC was priced at $9,800. Making yet another bold prediction, Lee said that he believed that Bitcoin would beat the Dow Jones to 40,000.</p> 
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
  <div class="wp-block-embed__wrapper"> 
   <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
    <p lang="en" dir="ltr">Yes, @fundstrat just said he thought <a rel="noopener noreferrer nofollow" title="bitcoin" href="https://thebittimes.com/tag/bitcoin.html">bitcoin</a> could almost triple this year &amp; beat the Dow to 40k 🤯@PowerLunch</p>— Kelly Evans (@KellyCNBC) February 10, 2020 
   </blockquote> 
  </div> 
 </figure> 
 <p>As a matter of fact, the Dow has not yet crossed the 40,000 benchmark. However, Bitcoin surpassed $40,000 for the first time in January 2021 and has traded above this level several times in the recent past.</p> 
 <figure class="wp-block-image size-large"> 
  <img decoding="async" loading="lazy" width="1024" height="455" src="https://cdn.thebittimes.com/images/2023/08/17/a71c724c96bf6933c4cd6bf23d6c5cec.webp" alt="" class="wp-image-107286" srcset="https://cdn.thebittimes.com/images/2023/08/17/a71c724c96bf6933c4cd6bf23d6c5cec.webp 1024w, https://cdn.thebittimes.com/images/2023/08/17/a71c724c96bf6933c4cd6bf23d6c5cec.webp 300w, https://cdn.thebittimes.com/images/2023/08/17/a71c724c96bf6933c4cd6bf23d6c5cec.webp 768w, https://cdn.thebittimes.com/images/2023/08/17/a71c724c96bf6933c4cd6bf23d6c5cec.webp 380w, https://cdn.thebittimes.com/images/2023/08/17/a71c724c96bf6933c4cd6bf23d6c5cec.webp 550w, https://cdn.thebittimes.com/images/2023/08/17/a71c724c96bf6933c4cd6bf23d6c5cec.webp 800w, https://cdn.thebittimes.com/images/2023/08/17/a71c724c96bf6933c4cd6bf23d6c5cec.webp 1160w, https://cdn.thebittimes.com/images/2023/08/17/a71c724c96bf6933c4cd6bf23d6c5cec.webp 1279w" sizes="(max-width: 1024px) 100vw, 1024px"> 
  <figcaption class="wp-element-caption">
    BTC/USDT by TradingView 
  </figcaption> 
 </figure> 
 <h3 class="wp-block-heading" id="h-bottom-line">Bottom Line</h3> 
 <p>Apart from Lee, several other prominent entities seem to be bullish on Bitcoin over the long term. Standard Chartered, for instance, expected the king coin to reach $120,000 by the end of 2024. </p> 
 <p>Despite Lee’s optimism, it should be noted that the SEC has already started delaying its decision on BTC ETFs. Parallelly, several in the space, including Michael Burry, have started betting against the broader financial market. During most correction phases in the past, both the stock market and the crypto market have corrected together. Thus, in the midst of the macro turbulence and the SEC’s skepticism, only time can tell if the bullish predictions will end up hitting the nail on the head or not.</p> 
 <p><strong>Also Read:&nbsp;Bitcoin Isn’t Going Away Soon: David Rubenstein</strong></p> 
</div> 
<div class="cs-entry__tags"> 
 <ul> 
  <li>bitcoin</li> 
  <li>btc</li> 
 </ul> 
</div>

Can Bitcoin Realistically Cross $150,000-$180,000?

Table of Contents

TheBitTimes

Other articles published on Aug 17, 2023

$17 Million Raised at amfAR Gala Cannes

SEC Challenges Ripple Victory, but XRP Paints Historical Pattern As Pomerdoge Presale Demand Spikes

FTX Aims to Retrieve $700 Million from Associates and Related Investment Funds Linked to Bankman-...

Crypto Miner Tycoon Simulator: A New Blockchain Adventure Game Launches on Switch

After Over $7 M Raised, Key Players Poised to join the presale of this promising memecoin

Bears Take Control in Cryptocurrency Market

Join our free newsletter for daily crypto updates!