Fundstrat’s Tom Lee believes Bitcoin market fair value is $14,000
|- Tom Lee tells CNBC for the second time that Bitcoin’s “fair value” is at $14,000.
- Bitcoin market has been in good shape for months now according to Lee.
Tom Lee, the chief executive officer of Fundstrat while appearing on CNBC suggested what he termed to be Bitcoin’s “fair value”. The top industry analyst said that Bitcoin should be valued at $14,000. This is not the first time Tom Lee is mentioning this figure, he told CNBC towards late 2018 that Bitcoin’s fair value is about the same value.
In his prediction, Lee based Bitcoin price on the 200-day average detailing that six months is fair window for a bull market to appear. He adds that the market has been in good shape for months now following the formation of high-value trades. Lee said that ‘old whale wallets’ coming back to life is a positive sign.
"Bitcoin had a rough 2018 and for much of 2019, it has been steadily climbing and from what we can gather, it is because there are a lot of positive things taking place. A lot of the old whale wallets are buying Bitcoin."
At the moment, Bitcoin is far from trading around $14,000. However, the market has proved before that correction can take place in a very short time. The status of the market in the next six months remains unknown and a bull market could still a mirage.
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