Analyst and co-founder of Fundstrat Global Advisors, Thomas Lee is convinced that stabilization above $6,000 and expectations associated with large investments in bitcoin will become powerful factors for the growth of the price of bitcoin. This opinion was expressed in an interview with Bloomberg.
“$6,000 – a level far more important than you think. Earlier this year, we noted that $6,000 is a break-even point for bitcoin-mining, therefore, this level should stand. The very fact that bitcoin remains at this level is very good news. I think there are catalysts that will contribute to the reversal of the trend at the end of the year, despite lower price peaks,” Lee shared his thoughts.
The analyst attributes the development of the market infrastructure and FOMO (the “Lost Profit Syndrome”) among institutional investors to the main factors of the forthcoming price increase. At the same time, Thomas Lee has a significant role of the development of Bakkt platform. According to him, launching Bakkt will be the starting point for the start of major investments in bitcoin.
At the same time, the analyst believes that before large players enter this market, the price of BTC should be restored, once again breaking $8,800 and $10,000.
Last week, Tom Lee expressed confidence that the price of the Ethereum cryptocurrency is being prepared for the reversal of the trend and is undevalued.