Wall Street strategist, Fundstrat co-founder Tom Lee is "cautious short-term on Bitcoin (EXANTE: Bitcoin).” He says the cryptocurrency has gained far more than fundamentals warrant right now, CNBC reported.
With Bitcoin just above $7,000 on Thursday, Lee said in his report that the currency is overwhelmingly in "weak hands," or held by investors who are chasing price gains and who would quickly sell on any negative turn in sentiment.
Lee maintained a 2022 target of $25,000 for Bitcoin. His team's technical analysis indicates if Bitcoin falls below $6,450, the lowest it will fall is $5,000, the September high. Before starting Fundstrat in 2014, Lee was chief equity strategist at JPMorgan.
In contrast to Lee's cautious turn, stock analyst Ronnie Moas of Standpoint Research said Friday that following the latest headlines, he is raising his 2018 price target on bitcoin from $7,500 to $11,000.