‘Bitcoin Bull’ Tom Lee still predicts record price highs this year

Crypto expert Tom Lee stands by his previous prediction that Bitcoin will hit $25,000 before the end of this year.

With the volatility in cryptocurrency, even new investors learn pretty quickly that there are no crystal balls for the future of the market.

Expert analysis can be very useful for gauging which way prices may go, but there are no guarantees.

And, as most of us have probably already learned by now, anything can happen in crypto.

Still, for professional analysts, admitting when you’re wrong is tough.

Fundstrat‘s Tom Lee, aka the “Bitcoin Bull,” certainly deserves some credit for admitting that his Bitcoin prediction was wrong.

On May 7, Tom Lee, Fundstrat Global Advisors’head of research, predicted that Bitcoin would rally during New York Blockchain Week, aka Consensus 2018.

The cryptocurrency conference drew thousands of enthusiasts (and Lambos) to Midtown Manhattan last week.

Tom Lee said in his prediction that a rally during the week of the event would see Bitcoin rise by 70 percent.

Bitcoin didn’t rally, however.

In fact, Tom Lee admitted in a report to clients on Friday that cryptocurrencies dropped around 10 percent during Blockchain Week.

“Given conferences like Consensus are chances for the community to gather in a centralized place and meet constituents new to the community (growth in attendance), it seems natural that the combination of ‘sanity check’ (all is OK and progress is happening) plus ‘new interest’ (incremental attendance) should strengthen the crypto community’s conviction,” he wrote.

“And coupled with growth in incremental constituents, should have aided crypto-currency prices.”

Regulation clarity

So where was the big rally?

Regulation clarity

So where was the big rally?

Tom Lee says the cryptocurrency industry still needs more clarity regarding regulations.

Regulators like the U.S. Securities and Exchange Commission are yet to put the minds of some investors at ease.

Increasing adoption from traditional companies is also needed to boost values, according to Lee.

“Crypto still faces significant internal resistance and hurdles within traditional financial institutions,” Lee said.

“But it is encouraging, nonetheless, that a large share of incremental attendance are financial institutions.”

Tom Lee and Fundstrat stand by their previous predictions that Bitcoin will reach $25,000 before the end of this year.