Tom Lee, a leading Fundstrat analyst, is famous for his Bitcoin price forecasts. However, he recently told Bloomberg that he is not doing anymore Bitcoin price forecasts. His latest predictions were far off. Lee now appears to have realized that the crypto market is too unpredictable to make price predictions.
Tom Lee has always been positive about the Bitcoin price. No matter how much the cryptocurrency dropped or how bad people talked about it, Lee always assured that BTC would break all-time highs again someday.
Tom Lee’s price forecasts for this year explain why the analyst does not want to do anymore forecasting. Earlier this year, when Bitcoin skyrocketed, Lee predicted a $ 25,000 at the end of the year. When BTC hit a low of $ 5,500 in early November, Lee predicted $ 15,000 by the end of 2018.
Lee also provided a fair value range of $ 13,800 to $ 14,800 when Bitcoin was at $ 3,300 last week. At the moment, however, the BTC price is at only $ 4,000. Now that 2019 is only a few days away and Bitcoin is nowhere near $ 15,000, Lee’s latest forecast seems to have failed once again. On December 13th, Lee and Fundstrat told their customers via email:
“We are tired of people asking us about target prices. Because of the inherent volatility in crypto, we will cease to provide any timeframes for the realization of fair value.”
No more Bitcoin Forecasts
A week later, the news was public. Lee was not the only one foreseeing a price beyond $ 20.000 in 2018. Mike Novogratz of Galaxy Digital predicted that Bitcoin would be at $ 40,000, twice as much
Arthur Hayes, CEO of BitMEX, made one of the boldest predictions for 2018, claiming that the currency would end the year at $ 50,000. Meanwhile, he has withdrawn his statement and suggests that he has practically pulled the number out of nowhere:
“I was bullish and I picked a nice round number with psychological significance. With the benefit of hindsight, we are obviously in a bear market.”