Thomas Lee, managing partner at Fundstrat Global Advisors, believes that bitcoin and the market itself will skyrocket once the COVID-19 delta variant reaches its peak. He expects the core cryptocurrency to be traded at around $ 100,000 by the end of this year.
A weakening of COVID-19 would lead to a BTC rally
In last interview for CNBC, US investor Tom Lee stated that not only bitcoin, but the entire financial industry will recover and rise to new heights as coronavirus cases begin to decline. The founder of Fundstrat went even further, predicting that BTC would hit $ 100,000 by the end of 2021:
A hundred thousand at the end of the year is quite a reasonable figure.
According to the Institute for Health Metrics and Evaluation (IHME), US COVID-19 cases will peak this week. This means that they will begin to decline soon. Moreover, the health research center is not expecting another wave of cases in September or October:
While the hysteria surrounding the continual surge in delta infections continues to rise, the IHME predicts US COVID-19 infections will peak this week. It is also interesting that the IHME does not predict fall growth
With this in mind, Lee stated that the panic surrounding coronavirus infections among the population will decrease significantly in the coming months. This, in turn, will lead to another economic boom. He also stated that by the end of this year the atmosphere of “increased risk” will prevail in the industry, which may also contribute to strengthening, inter alia, bitcoin.
Previous Tom Lee Predictions
Lee seems to have a strict vision of Bitcoin’s future price since last year predicted that by the end of 2021 it will be worth $ 120,000. Then he also stated that the current year will be very similar to 2017:
I think 2021 will be very similar to 2017, which means bitcoin in 2021 will do even better than in 2020. So something above 300%.
At the time of these words, the cryptocurrency was around $ 29,000. This means that an increase of 300% would reach the said $ 120,000.
However, according to Lee, bitcoin and the cryptocurrency market need to overcome their volatility and stop hesitating after comments from people like Elon Musk.
This is just a personal observation, but the fact that cryptocurrency and bitcoin prices are responsive to the actions of a company or individual shows that this market still needs to develop further.