The markets are mostly showing red candlesticks, while Bitcoin (BTC) fails to impress as it crawls its way below the $8,500 price point, trading at $8,481
Despite Bitcoin’s continued struggle to reach higher highs, Tom Lee, renowned Bitcoin bull, co-founder and Wall Street strategist at Fundstrat Global Advisors, said that he believes that Fundstrat’s $25,000 by 2022 forecast for Bitcoin is still “quite easy to achieve.” He said “Cryptocurrencies are network value assets, meaning the more people hold the asset, the greater the value. In fact, it’s a log function — so if you double the users hold it, you get a quadrupling of value. To go to $25,000 you essentially need a little less than 4x rise, which means you need to double the number of people who hold Bitcoin.”
Apparently many have predicted a bull run because of the bitcoin halving come 2020, how true could this play out?. Most crypto enthusiasts remain optimistic hoping for much greener days as the year nears end.