The Bitcoin price action throughout 2019 has not inspired that much market confidence. Even Tom Lee, a notorious Bitcoin bull, has grown concerned as to where this currency is headed next.
It is not uncommon for financial experts to weigh in on how markets might evolve in the coming years. Price prediction is not an accurate science by any means, but it can certainly lead to interesting discussions.
The Bitcoin Price Action isn’t Too Exciting
Tom Lee, an analyst for Fundstrat, has built up quite the reputation when it comes to Bitcoin price predictions.
Although Lee had high hopes for Bitcoin this year and in 2020, he too has to revise those initial expectations.
In his recent update, Tom Lee confirms the Bitcoin price will not reach his predicted target in the allotted timeline.
Instead, he decided to drop his prediction to $25,000 per BTC by 2022, rather than $40,000 by late 2019. A very bearish, yet still bullish outlook for the world’s leading cryptocurrency.
This news comes at a time during which the Bitcoin price has shown more signs of weakness.
Despite hitting $10,000 earlier this year, the Bitcoin price remains on very wobbly legs.
Now that one of the biggest bulls is also lowering expectations, a further downward market spiral may very well occur during the remainder of 2019.
It is not the first time Lee decides to put his own Bitcoin price prediction in check as the year progresses.
Throughout the years, he has been wrong about the value of Bitcoin more often than not.
That is in line with most other experts weighing in on this matter, as volatile markets are impossible to predict.