Fundstrat’s Tom Lee says bitcoin can hit ‘well above’ $100,000 before year-end
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Fundstrat’s Tom Lee sees more upside in store for one of the leading trades on the heels of President-elect Donald Trump’s victory. “I’m still confident bitcoin is going to close much higher before year-end — well above $100,000 before year-end,” he told CNBC ” Squawk Box ” on Monday. “It’s just a matter of time.” The comments from the widely followed strategist come following a monster rally in cryptocurrencies after Trump’s win over Vice President Kamala Harris, as investors bet the new administration will usher in a period of more favorable policies. BTC.CM= YTD mountain Bitcoin, YTD Bitcoin gained nearly 40% in November, closing in on the $100,000 level. The cryptocurrency was last down about 2% to trade at $95,023. Crypto-linked stocks have also rallied in tow, with Coinbase , Robinhood and MicroStrategy gaining roughly 60% each. “A lot of folks don’t want Bitcoin over $100,000,” Lee said. “The exchanges themselves are concerned because there is a pretty low supply of bitcoin available over the counter. If bitcoin makes a move above $100,000, I think that’d be a big chase.”
