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Market Value Of Bitcoin Rising To $20,000 Within Next Four Months: Tom Lee

The optimism prevailing around the certainty of the rising market value of Bitcoin to $20,000 or more in the last four months of 2018 has not subsided yet. This optimism and confidence can be seen despite the SEC rejecting 10 Bitcoin ETF proposals.

Tom Lee and Max Keiser, crypto stalwarts are also lending their voices towards this certainty of a rise in the Bitcoin value in the near future. After the bearish trend that occurred at the beginning of 2018, a lot of reliance has been given to Bitcoin ETF as the primary catalyst for the price of Bitcoin to rise once again this year.

With the number of Bitcoin ETF proposals were rejected by the SEC this year, the hopes of a lot of Bitcoin enthusiasts have been dashed. With these back to back rejections, the crypto enthusiasts have lost hope on the possibility of Bitcoin rising back to its grand status that it achieved in 2017.

During a recently held interview, Lee mentioned that over the past one year, Bitcoin, which has failed to display a correlation with traditional assets like gold and the broader financial market, has demonstrated a similar mid-term movement in terms of its price.

Commenting on the market value of Bitcoin, on September 1, Max Keiser stated in a Tweet that $28,000 is still in play this year. A week back, Tom Lee also expressed certainty on the Bitcoin value to rise to $20,000 and above in the next four months of 2018, as mentioned in the Bitcoin Exchange Guide report.

Lee specifically discussed emerging market ETFs such as iShares MSCI Emerging Markets Index ETF. This facilitates investors to allocate funds into a diverse portfolio of stocks and assets in developing regions and markets, as stated in the CCN report.

Lee is still hopeful for the market value of Bitcoin to rise and surpass $20,000 by the end of 2018, despite the weak performance of emerging market ETFs. Lee is, in fact, expecting a large rally like the December price movement of Bitcoin last year.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]
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Jesmine Rahman holds 15+ years of professional writing experience of working with reputed Indian dailies like the Times of India and the Indian Express. She also holds a rich experience of working as a Senior Technical Content Specialist with a reputed IT company. for 10 years. She writes crypto news on OWLT Market.

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