© Reuters
Investing.com – After hitting a new yearly high above $31,000 last week, the has begun to consolidate just above the major psychological threshold of $30,000 as the cryptocurrency appears hesitant to continue higher.
However, many believe that there are still plenty of reasons to be optimistic about the . This is particularly the case of Tom Lee, director of research at FundStrat, who estimated on Monday at the microphone of CNBC that the crypto could reach $ 200,000 over the next few years.
Commenting on the extremely optimistic outlook of Cathie Wood, the CEO of Ark Invest who is aiming for a million-dollar bitcoin by 2030, he said that “her idea of network value for bitcoin and scarcity still argues in favor of the accuracy of his numbers, if it’s not a bullish cycle, you know, something around $200,000 and up.”
Discussing the US SEC’s outspoken hostility to cryptocurrencies, Lee opined that while the SEC’s actions might have a negative effect on many tokens, they will actually give bitcoin a boost, pointing out that the crackdown has so far had a limited impact on the price of the market’s premier cryptocurrency.
Tom Lee also suggested that he welcomes the growing institutional interest in cryptocurrencies, as well as the recent filings of Bitcoin spot ETF proposals.
“There was kind of a stage exit for a lot of players, but we replaced them with traditional players who have a lot of credibility, (…) like Blackrock and Citadels who are getting into bitcoin,” Lee said. .
Finally, he judged that bitcoin also benefits from being a risky asset, he added, and given the gains of and , historical trends show the token should continue to rise.