Wall Street Strategist, Tom Lee in an interview with CNBC on Monday predicted that Bitcoin will reach $10,000 per token by the end of 2021 despite a 54% drop. “I Believe Bitcoin Will Reach $100,000 By 2021”, Tom Lee Predicts “I believe bitcoin is very risky. It is the essence of it, but it is also what provides the reward for people,” Lee explained in an interview with “TechCheck.” “Again, even though bitcoin is now in the penalty box, I believe Bitcoin will reach $100,000, by 2021,” said Lee, co-founder and head of analysis at Fundstrat Global Advisors. Lee informed CNBC that he first proposed the end-of-year bitcoin deadline in December — and he isn’t slowing down, even though the world’s largest cryptocurrency has suffered after hitting an all-time peak near $65,000 in mid-April. The Price Volatility In Bitcoin Bitcoin has had a particularly turbulent period in recent days, including last Wednesday’s session, when it was down more than 30 percent to just above $30,000 per token at one point. It recouped any losses and was worth more than $40,000 a share at times on Thursday and Friday. However, Bitcoin fell again over the weekend, falling below $32,000 a coin. On Monday, the rally resumed, with Bitcoin gaining about 12% to trade above $37,000. “Bitcoin volatility is kind of systemic to the network itself, so I guess anybody who buys bitcoin should be mindful that it will still be hyper-volatile. “That is the opportunity,” Lee said. Recent headwinds for Bitcoin include remarks from Tesla CEO Elon Musk and legal issues in China and the United States. Some strategists believe the magnitude of the pullback is also attributable to an accumulation in leverage in the cryptocurrency markets. “This is essentially a bit of a wake-up call” for investors who got into bitcoin after its big run-up, according to Lee. “When you look at where the sale is happening, it’s not from the initial bitcoin investors, rather from a variety of new accounts.”
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