Bitcoin Will Beat Dow Jones to 40,000: Tom Lee Doubles Down on BTC
Bitcoin (BTC) is going to reach 40,000 before the Dow Jones does, according to the analyst eyeing a 200% price jump by August 2020.
Speaking to CNBC in an interview on Feb. 10, Fundstrat Global Advisors co-founder, Tom Lee, said that although the Dow would hit 30,000 points before Bitcoin hits $30,000, 40,000 was a different story.
The Dow currently trades at 29,280, an all-time high, while BTC/USD is at $9,870 after hitting five-month highs of $10,150 over the weekend.
“My guess would be Dow, but if I had to say what is first to 40,000, I would… I would not pick the Dow.”
“Yes, @fundstrat just said he thought bitcoin could almost triple this year & beat the Dow to 40k,” host Kelly Evans confirmed.
Earlier, the infamous Bitcoin bull said that due to the
cryptocurrency breaking resistance provided by its 200-day moving average price, it was due to treble in just six months.
That forecast sparked contention from other traders, who told Cointelegraph that such optimism was still misplaced.
Nonetheless, after rising 40% year-to-date, Bitcoin has seen a new wave of price predictions from well-known figures hit the airwaves.
Trading Bitcoin podcast host, Tone Vays, warned the short term could produce as low a price as $4,000. Contrasting him are the likes of fellow veteran Peter Brandt, who believes those waiting for even $6,000 have “missed the bottom.”
As Cointelegraph reported, PlanB, creator of the highly accurate stock-to-flow Bitcoin price model, shares the view that BTC/USD will remain higher — at least $8,200 before hitting a giant $100,000 by the end of 2021.