Fundstrat co-founder and crypto analyst Tom Lee says that the price of bitcoin could grow more than 100% in 2020.
According to Fundstrat’s yet to be released 2020 Crypto Outlook report, the price of May’s halving event has yet to be factored into the current price of bitcoin. While some analysts, such as Morgan Creek co-founder Jason Williams, argue that the halving will be a “non-event” for bitcoin, Fudstrat expects the supply reduction to have a positive impact on the price of BTC.
Unpopular Opinion –
Bitcoin halving in May 2020 won’t do anything to the price. It will be a non-event.
— Jason A. Williams 🦍 (@JWilliamsFstmed) December 1, 2019
In a tweet published Jan. 10, Fundstrat co-founder Tom Lee agreed with the report’s conclusion that bitcoin’s current price does not reflect the value of May’s halving event.
Lee also provided an excerpt from the forthcoming report,
For 2020, we see several positive convergences that enhance the use case and also the economic model for crypto and Bitcoin — thus, we believe Bitcoin and crypto total return should exceed that of 2019.
The report concluded,
In other words, we see strong probability that Bitcoin gains >100% in 2020.
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