Influential market strategist Tom Lee weighed in on Bitcoin's BTC/USD outlook, acknowledging its growing trust and value but expressing uncertainty about its short-term performance.
What happened: During a RiskReversal Podcast that aired Friday, Lee expected the trust around the apex cryptocurrency to grow over the next five years.
"Is it going to be increasingly viewed as a store of value like gold? Yes, I think increasingly. Is there room for a lot more people to own it? Yes," the Head of Research at Fundstrat Global Advisors opined.
That said, Lee cautioned that Bitcoin is not immune to market turbulence, such as the impact of tariffs.
"I’m not really bearish on it, but I think in the near term it’s hard to say it should go up right now," Lee stated.
He added that technical strategists at his firm have set a downside target of $62,000 for Bitcoin by the end of March.
See Also: Bitcoin Is Digital Gold But ‘What’s The Rationale For An XRP Reserve’, Asks Peter Schiff: Cardano Founder Charles Hoskinson Says Trump Made The Right Decision
Why It Matters: Lee's views aligned with his previous statements on Bitcoin’s potential for growth despite short-term challenges. Last month, he advised caution for Bitcoin amid a market sell-off fueled by President Donald Trump's tariffs on key U.S. trade partners.
However, Lee has maintained a long-term bullish stance for the apex cryptocurrency, targeting $250,000 by the end of 2025.
Interestingly, Bitcoin rebounded from last month's lows on Sunday, soaring past $95,000 after Trump said Bitcoin would be at the "heart" of a U.S. strategic cryptocurrency reserve.
Price Action: At the time of writing, Bitcoin was exchanging hands at $91,975.11, up 6.41% in the last 24 hours, according to data from Benzinga Pro.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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