We know that since December 2017, the cryptocurrency space is in a bear market and that Bitcoin lost over 65% of its price. Other virtual currencies experienced a similar trend and did not recover the price they lost. But Thomas Lee, co-founder at Fundstrat Global said that he believes that Bitcoin will reach $25,000 before the end of the year.
Thomas Lee Bullish on BTC
The cryptocurrency expert and figure, Thomas Lee sticks with his prediction of Bitcoin reaching new all time highs this year. In order to reach $25,000 dollars, it will be necessary for the famous virtual currency to register a 270% growth in the next months, which is quite difficult, but not impossible.
The last year, Bitcoin was able to increase its price exponentially after November, when the famous crypto was traded around $5,500 and touched $20,000 dollars.
But another Wall Street trader, Bart Smith, said that Bitcoin is still the best currency for investors to bet in.
About it, Mr. Smith told CNBC:
“If you want to own the asset that you can actually use today and that people are functionally using, it’s bitcoin. The use case for Bitcoin is valid today, which is the currency of the internet.”
Crypto experts are mostly bullish in the space and the future price of Bitcoin. Indeed, John McAfee is the most bullish until now, saying that BTC will be traded over $1 million dollars in just a few years.
Smith explains that a lot of people is working in one country and send the money back to another one, and this is something very positive for Bitcoin and the crypto world. With Western Union or other traditional banks, this would be very expensive and inefficient. At the same time, fees taken by these companies and traditional financial institutions are very high compared to the fees in the Bitcoin network.
At the moment of writing, Bitcoin is the largest and mot important virtual currency in the market. It has a market capitalization of $109 billion dollars and each BTC can be purchased for over $6400 dollars.
Most of the experts agree that the future for Bitcoin looks bright and that if the market does not experience a new all time high, it might see it during the next year.