Bitcoin price (BTC/USD) could ‘easily’ take out its all-time highs, expert says
According to Fundstrat Global Advisors’ head of research Tom Lee, this could be just the beginning for a bull run towards new all-time highs.
“I think bitcoin is easily going to take out its all-time highs” of $20,000 and could rise to as high as $40,000 if use cases grow, Lee told CNBC on Tuesday. “We’re deep into a bull market, and people are pretty silent about it.”
Lee also thinks that Facebook’s announcement yesterday of a new cryptocurrency could be a significant boon for BTC and the wider crypto space.
“The Facebook announcement is a complete validation that mainstream is now focused on cryptocurrencies,” he said. “I think it really destroys those arguments that say, ‘I believe in blockchain, not bitcoin.’” He also views Facebook’s Libra project as “very complementary” to Bitcoin.
In today’s trading, the Bitcoin price stood at $9,163.29, as of 08:53 BST. The coin’s total market capitalisation currently stands at $162.8 billion, which represents 56.7% of the combined value of all digital currencies.
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