After Bitcoin (BTC), the world’s largest, hit the coveted $100,000 mark, several analysts and investors were coming up with more ambitious bets. This week started on a bearish note for the king coin as it lingered below $100,000. But earlier today, BTC managed to navigate the path above $100,000. Fundstrat’s Tom Lee shared his vision for the leading cryptocurrency amid this volatility.
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Is $250K Attainable for Bitcoin?
Appearing in a recent interview, Tom Lee, the Managing Partner at Fundstrat Global Advisors, revealed that Bitcoin was all set to hit $250,000. Lee optimistically suggested that BTC would reach this mark in 2025. This ambitious bet was linked to the upcoming change in administration.
The anchor of CNBC’s Closing Bell discussed the expected changes in regulations. Lee went on to highlight his thoughts on the Trump administration. While acknowledging that there will be changes in the future, Lee stressed that BTC is the most obvious sign of the changes to come. He said,
“Probably, the best way to measure this is what Bitcoin is doing, because Bitcoin faced an enormous regulatory burden over the last few years and now we have a White House that is embracing digital assets. A new SEC chairman, FTC chairman, and the new Commerce secretary, I think these are actually being viewed as pro-business, reviving animal spirit. But I think a good proxy is watching Bitcoin.”
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Current Market Scenario
Bitcoin was trading at $100,537.67 at the time of writing. This came after a 3.31% spike over the past 24 hours. Just yesterday, BTC was priced at a low of $97,305.72, but it managed to rise to a high of $101,913.36. It is uncertain if the king coin could reach a high of $250,000 in the coming year. But, the world’s largest cryptocurrency currently sits at 3.15% below its all-time high of $103,900.47.
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