Head of research at Fundstrat Global Advisors Tom Lee stated that the bear market for coins with small capitalization is over. However, he still prefers bitcoin in the long run and recommends it as the best choice for investors. In his opinion, the investors don’t mind bitcoin to be viewed as a commodity.
“Whether regulations change around security tokens and registration, bitcoin sits in its own sphere. I’d still be buying bitcoin,” he commented.
Lee said that his company has an indicator to measure alt-coins, which is “the percent that have tripled over 90 days.” He is still convinced that bitcoin will be worth $20,000 by the middle of the year and $25,000 by the end of the year.
Tom Lee is the only major Wall Street who is giving formal price predictions. He noted that this year bitcoin was below $6,000 for only a very short period,
“If you count the number of hours we’ve spent below $6,000 recently, it was less than an hour,” he said.