Bitcoin Tests $51k, Tom Lee Believes it Could Reach $200,000 In 2022


Bitcoin Tests $51k, Tom Lee Believes it Could Reach $200,000 In 2022

After enduring five weeks of sell-off, , the world’s largest cryptocurrency, has embarked on a bull run, reclaiming previous highs above $51k.

Over the last 24 hours, Bitcoin topped up by 3%, reaching the price of $51,113. Bitcoin now trades around $50,830.

The five days price chart of Bitcoin (BTC). Source: Tradingview

Bitcoin to Hit $200k in 2022

As Bitcoin reclaims old highs, Tom Lee, a managing partner at Fundstrat Global Advisors, has predicted that Bitcoin could be valued as high as $200,000 in 2022, following a rather disappointing end to 2021.

Popular crypto analyst – Nicholas Merten – in plotting a potential price path for Bitcoin, reached the same conclusion as Tom Lee – Bitcoin could quadruple in price at some point in 2022, leading to a $200k valuation.

Prior to Bitcoin’s November 10 all-time high at $68.8k, Tom Lee has predicted that the approval of the Proshares Bitcoin ETF would drive the price of BTC to new highs. While it did, the bulls could not sustain the momentum, leaving Bitcoin to peak at under his predicted $100k.

The CEO of Microstrategy (NASDAQ:), Michael Saylor, is also bullish about the future of Bitcoin. Michael Saylor believes that Bitcoin will replace gold in the future as it journeys to a $6 million valuation.

On The Flipside

  • According to Steve Hanke, a professor of applied economics at Johns Hopkins University, while we know the price of Bitcoin, its value is probably zero.

Why You Should Care?

As an asset, Bitcoin has matured in 2021, showing increased usability and resilience to bearish pressure – factors that could help its course of dominance.

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