Permabull Tom Lee Reviews Bitcoin Prediction as Rally Delays

Ever seen a crypto permabull? Tom Lee is one, and even he has conceded to the market pressure. Lee has revised his bullish Bitcoin price prediction downward due to delay in the expected crypto rally, especially as the year is winding up.

In a CNBC interview, Lee who has always been positive about Bitcoin’s meteoric rise stated that Bitcoin may reclaim $100,000 and probably rise towards its new all-time high above $120,000. Although he remains optimistic, he wasn’t as emphatic as he usually was about the coin’s future.

$250,000 Bitcoin Dream Dashed to Pieces

Tom Lee is one of the crypto bulls that have remained consistently positive through the years. He had in January this year predicted that Bitcoin would reach $250,000 by year end with favorable regulation. Interestingly, regulation has been favorable, with the Trump administration’s bill for stablecoin regulation and his open support for crypto.

Despite the support, Bitcoin fell short of Lee’s expectations, instead facing a significant correction that lasted several weeks. The number one crypto asset plummeted from a new all-time high of $126,000 to $112,000 within a couple of hours, wiping $900 billion off the market’s valuation. 

Since then, Bitcoin and indeed the whole market have been in a correction which some analysts attributed to market manipulation. Top crypto exchanges like Binance were seen selling huge amounts of Bitcoin and other assets, and later carried out an airdrop to customers which worsened the allegations.

Bitcoin’s free fall brought the price as low as $83,000 before it started a slow grind upwards again. While the coin is already on a path to recovery, Lee’s $250,000 call may still be a far cry if the current sentiment persists.

Bitcoin on Slow Path to recovery

Bitcoin started on a fresh “Thanksgiving” rally from the $86,000 support on 26 November and peaked at $91,000, another crucial level that analysts doubt will break at the first tap. However, they believe if $90,000 holds, the crypto king may be set for a push upward.

Altcoins are also tagging along with Cardano recording over 4% gain as the highest gainer among the top ten alts in the last 24 hours.

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