The world’s premier cryptocurrency, Bitcoin, has had a great market run since April 2019. After months of sluggishness and sideways movement, the coin hit its 2019 peak after it briefly breached the $9000 mark on Coinbase in May. However, Bitcoin couldn’t sustain its value as soon enough, the coin tumbles back down to rest at a price below $8000.
In an exclusive interview with Chepicap, Thomas Lee, Co-founder of Fundstrat Global Advisors, claimed that Bitcoin might go up to $40,000, if it breached the $10,000 mark. He cited a range of factors that according to him, were acting as catalysts to the potential surge.
According to Lee, Bitcoin could rally by 200-400% once its FOMO levels are breached. Lee cited previous bull runs and FOMO periods to make this claim, stating that this is how Bitcoin could theoretically reach $40,000
“That’s what FOMO looks like. But, I’m not saying it would go to $40,000.”
Bitcoin was valued at $8,098 with a market cap of $143 billion, at press time.. The 24-hour price change indicated a rise of 1.42%, while the 24-hour trading volume was $17 billion. Most of the trading volume came from BitMEX exchange via the trading pair BTC/USD.
Lee also spoke about a potential pullback, if Bitcoin does indeed breach $40,000. He believes that the pullback would be shallow due to halving and the increase in on-ramps would further increase the base of Bitcoin holders.
“Cryptocurrency’s value comes from network value and adoption. The number of holders of crypto wallets are tiny today, when compared to Visa and Mastercard and I think there’s a lot of upside.”
He added that halving and mining will be the major catalysts for any kind of surge, with the entry of non-financial institutions to the field of crypto, like Facebook, further spurring crypto-adoption.
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