Tom Lee has been bullish on Ethereum longer than almost anyone else still active today.
Written by: David Canellis, Blockworks
Translated by: AididiaoJP, Foresight News
Fundstrat's Chief Investment Officer Tom Lee may be the "bull king" of this bull market.
Of course, many people enter the crypto space out of a love for technology.
In fact, truly diving into technology, such as blockchain-based digital city-states, smart cities, and the tokenization of real-world assets, is the most effective way to become a "top bull."
Michael Saylor: Extremely enthusiastic about technology; DFJ founder Tim Draper, a16z co-founder Marc Andreessen, Coinbase co-founder and CEO Brian Armstrong, and former Coinbase CTO Balaji Srinivasan are the same. Who could be crazier than them?
The answer is Fundstrat Chief Investment Officer Tom Lee.
Last night at 9 PM, Tom Lee began to call that the bottom for ETH has already appeared.
In fact, Tom Lee has been bullish longer than almost anyone else still active today.
He first publicly predicted cryptocurrency prices in mid-2017. At that time, Bitcoin's price had more than doubled in the first half of the year, reaching $2,500, prompting Tom Lee to make at least 10 predictions about Bitcoin's future price over the 10 months ending in May 2018.
His first prediction actually came true. "Cryptocurrency is eating into investors' demand for gold," Tom Lee wrote in a report to Fundstrat clients when Bitcoin was at $2,607 eight years ago. "Bitcoin is becoming a more scarce store of value. Investors need to devise strategies to capture the potential upside of cryptocurrency."
Actual trend: By 2022, Bitcoin would reach $20,000. An increase of nearly 10 times.
Predicted trend: By 2022, it would reach $55,000. An increase of 22 times in five years.
Tom Lee's report included this practical chart on Bitcoin's scarcity.
Tom Lee was completely correct; Bitcoin first broke $55,000 in February 2021, slightly earlier than expected, and peaked above $69,000 nine months later.
What complicates matters is that he continued to make predictions after his first successful forecast.
Some predictions eventually turned out to be correct, but either the predicted price was too low or the timing was too early; other predictions did not materialize as he envisioned (for example, the rebound around the 2018 Consensus conference never happened, or Bitcoin did not reach $25,000 in multiple predictions throughout 2018).
However, there were some other impressive predictions. In January 2018, he stated that Bitcoin could reach $125,000 by 2022, a target that was achieved three years later.
At the end of 2020, he predicted that by early 2025, Bitcoin's price would be between $100,000 and $150,000, which is not too outrageous considering this prediction.
But if the worst criticism of Tom Lee's predictions is that they have become history, you will like his recent prediction: Bitcoin could reach $200,000 to $250,000 by 2025 (a prediction made three weeks ago) and exceed $1 million in the coming years.
Tom Lee recently made his first public prediction for ETH, just about a month after he became Chairman of BitMine, which is executing a treasury plan focused on Ethereum.
Tom Lee predicts that by the end of this year, ETH could reach $15,000 to $16,000 per coin, tripling from the current price.
But just to be safe, maybe a few more years should be added to this price base.
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