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Bitcoin could still hit $125,000 this year, Tom Lee says

CryptocurrencyMay 17, 2021 05:30PM ET
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© Reuters. Bitcoin could still hit $125,000 this year, Tom Lee says

While the short-term price target of Bitcoin is looking bleak following Tesla’s announcement that it would no longer accept the digital asset for car payments, Fundstrat’s Tom Lee is still very bullish.

Lee told Business Insider that he expects Bitcoin to hit $125,000 by the end of the year. With the leading cryptocurrency currently trading at around $43,000, Lee’s prediction represents an almost 200% increase.

As reported by BTC PEERS, Tesla (NASDAQ:TSLA) is no longer accepting Bitcoin as payment for its cars due to the environmental effects of Bitcoin mining activities.

Although many people have taken to social media to bash Musk for the sudden U-turn, Lee sees the move in a different light. According to him, the move by Tesla will encourage the crypto industry to adopt greener energy solutions. He said:

It is probably better to view it as a call to action for the bitcoin industry to focus on renewables or more efficient ways to provide proof of work.
It is very possible that Bitcoin might hit $125k before the end of the year. However, things are not looking very good for the flagship currency. As of press time, Bitcoin was trading at approximately $44,500 after reaching a 24-hour low of $42,200.

Continue reading on BTC Peers

Bitcoin could still hit $125,000 this year, Tom Lee says
 

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Comments (5)
Jonathan Sim
Jonathan Sim May 17, 2021 11:18PM ET
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Tom Lee ' reputation on the line.......
dek ra
dek ra May 17, 2021 9:27PM ET
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could hit 500000 tho, with 99.5% confidence interval
Richie Berg
Richie Berg May 17, 2021 6:31PM ET
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Could? Alah has better chance to show up in Gaza.
Nordin Mohamad
Nordin Mohamad May 17, 2021 6:12PM ET
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this guy is normally bull on everthing....he could be silence big seller...
PATRICK BOURQUE
PATRICK BOURQUE May 17, 2021 5:51PM ET
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Trying to lure people in this investment should be a crime. One tweet profits are gone
 
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