Bitcoin is standing up to the expectations of analysts as it has been performing really well for the past few months. As the year has come to an end, predictions for the next year have already started coming. Tom Lee of Fundstrat recently had an interview with CNBC and he sounded highly bullish of Bitcoin price by 2021. Tom Lee has claimed that the younger generation has started seeing Bitcoin as an alternative to Gold and have started using it as a hedge against inflation. Due to the COVID-19 pandemic, Bitcoin adoption has increased to a very great extent. Due to such widespread adoption, the price has also increased impressively. Tom Lee Believe 2021 Will be Similar to 2017 As per the predictions by Tom Lee, Bitcoin will triple in its value in 2021. He is believing that 2021 will be a lot more similar to 2017 for Bitcoin as he stated: “I think, in rounder numbers, 2021 is gonna be a lot of like 2017, which means Bitcoin should do even better in 2021 than it did in 2020. So, something above 300 percent.” Currently, Bitcoin is trading at $29,300, which is a new all-time high and it will soon reach $30,000. Due to such a massive increase in price, it could be seen that the major focus of most of the investors is on Bitcoin only. Even though other cryptos are also performing well, Bitcoin still remains the most attractive. Stock Market Correction Might Affect Bitcoin Tom Lee has mentioned that despite being the largest cryptocurrency, the user base is not that large as it should have been. Along with this, Bitcoin is positively correlated with the U.S. stock market. Due to this correlation, if there is any correction in the U.S. stock market, Bitcoin will eventually fall.
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