Tom Lee Says Bitcoin Price to Hit $22K by the end of the year, 'Can Reach $25K'

Financial market research firm Fundstrat’s Tom Lee shielded his position that Bitcoin (BTC) could exchange at somewhere in the range of $22,000 to $25,000 constantly end, in two CNBC interviews Thursday, July 5.

Lee tried to elucidate to journalists that his latest $22,000 price expectation is determinedly not a bearish withdraw from his past gauges of $25,000.

Lee, an infamous Bitcoin bull, is acclaimed for his forecast in January that Bitcoin would hit $25,000 before the finish of 2018, later saying in March it would achieve a stunning $91,000 by 2020.

Talking on CNBC's "Screech Box" portion Thursday morning, Lee at first seemed to have to some degree conditioned down his bullish viewpoint by saying that "it's not feasible that BTC could be over the $20,000 before the year's over." Lee based his method of reasoning for the new gauge on the noteworthy connection between's Bitcoin's price and mining costs, which he says before the year's over will be around $9,000 per coin mined.

Returning on CNBC Thursday evening, Lee rushed to illuminate what he thought to be a misrepresented response to his morning remarks, saying that:

---

“I do think it’s the first time I’ve ever heard someone thinking something could triple is a bearish comment. I think I may have misspoken a little bit […] what I was trying to illustrate was that [...] applying the historical average of 2 and a half times mining costs would imply fair value over $20,000 - roughly $22,000.”

---

Lee at that point included: "we still figure bitcoin can reach $25,000 before the year's over or something to that effect."

Back in May, Fundstrat distributed its in-house investigation of the connection between BTC mining expenses and value execution, saying at the time that the information had "demonstrated a dependable long haul bolster level."

May's insights quite proposed a marginally bring down verifiable normal to the present figure, utilizing a 1.8 times notable mining costs normal to conjecture Bitcoin's cost to be around $36,000 before the finish of 2019.

Bitcoin is at present exchanging at about $6,582 to squeeze time, down a little more than one percent on the day.