Bitcoin

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During his recent appearance on the "Odds Lots" podcast, Fundstrat's Tom Lee&nbsp;<a href="https://x.com/crypto/status/1805268590263779703" rel="noopener noreferrer nofollow">explained</a> the rationale behind his Bitcoin predictions.&nbsp;&nbsp;
"Bitcoin is unlike other asset classes because there is a cooperative value. You know, those people who contribute to the network benefit from it, and that's different from any other asset class," Lee explained.&nbsp;&nbsp;&nbsp;
Lee recalled that his firm first wrote about Bitcoin in 2017 and Bitcoin was around $1,000 at the time. Back then, Fundstrat published a white paper, which explained that there's two main variables that determine the price of Bitcoin: the number of active wallets and the activity per wallet.&nbsp;
"At that time, we made a simple projection. We said that in five years, by 2022, if the number of wallets went up by 70%, and activity per wallet went up by 40%, Bitcoin would be $25,000 by 2022," Lee said.&nbsp;
The permabull called Bitcoin an "incredible technology" since it is so secure that it has never been hacked in 14 years of its existence. "Not a single entry on the Bitcoin ledger is fraudulent," he added.&nbsp;
That said, over 80% of Bitcoin price moves are still explained by activity per wallet.
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As&nbsp;<a href="https://u.today/bitcoin-is-exponential-gold-fidelity-exec-says" rel="noopener noreferrer nofollow">reported by U.Today</a>, Fidelity's Jurian Timmer has suggested that the underwhelming growth of the Bitcoin network could be the reason why the cryptocurrency failed to record record highs in recent months.&nbsp;
On Monday, the crypto king slipped below the $60,000 level for the first time in more than a month, touching an intraday low of $59,863, according to CoinGecko data. &nbsp;
Recently, Lee&nbsp;<a href="https://u.today/fundstrats-tom-lee-stands-by-150000-bitcoin-price-target" rel="noopener noreferrer nofollow">doubled down</a> on his previously stated price target of $150,000 back in June.&nbsp;

Tom Lee Reveals Rationale Behind Bitcoin Price Predictions

U_Today

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