Bitcoin’s price may have plummeted in recent days, but that crash seems to have done little to quell Fundstrat Global Advisor co-founder Tom Lee’s bullish outlook on the world’s most popular cryptocurrency. During an appearance on CNBC’s Squawk Box on Tuesday, Lee predicted a price recovery and stood by his most recent forecast suggesting a year-end Bitcoin price as high as $15,000.
Lee acknowledged that recent events have made him think twice about his forecast, noting that “this past few days has definitely been a negative development.”
The Fundstrat analyst explained his optimism by noting that there are factors that could help to inspire more bullishness in the markets. According to Lee, new oversight from regulatory agencies would help provide that spark. Many observers believe that increase oversight would draw more institutional investors into the markets, which could certainly lead to higher prices.
Lee suggested that the current volatility in the broader financial markets – particularly among tech stocks – could be having an impact on the cryptocurrency markets:
“I think Bitcoin is not necessarily a value asset. So, as growth, stocks and tech and FAANG kind of come under pressure it is going to hurt bitcoin.”