BitMine Chairman Tom Lee has apparently retracted his widely-held year-end Bitcoin prediction of $250,000, now offering only a “perhaps” that Bitcoin can reclaim its October all-time high of $125,100 before the top of the yr.
“I still think it’s very likely that Bitcoin will go above $100,000 and perhaps even hit a brand new high before the top of the yr,” Lee said in an interview with CNBC on Wednesday.
This appears to be the primary time that Lee has publicly softened his year-end Bitcoin (BTC) price goal of $250,000, which he initially stated in early 2024 and reiterated until early October.
Lee's prediction was one among the more optimistic. Other crypto executives, including Galaxy Digital CEO Mike Novogratz, warned around October that “crazy things” would need to occur for Bitcoin to succeed in these levels.
Bitcoin is down 1.85% within the last 12 months. Source: CoinMarketCap
However, Lee said a few of Bitcoin's strongest days could also be ahead before the top of 2025.
“I still imagine a few of these best days will come before the top of the yr,” he said, with 35 days left until the top of 2025.
Bitcoin holders can have to maintain guessing, says the CEO
Lee noted Bitcoin's tendency to make nearly all of its gains over a small variety of trading sessions per yr, noting that the asset typically “makes its move” in only 10 days per yr.
The idea is widely shared by industry executives. Bitwise CEO Hunter Horsley said in a February 2024 X post that while investors cannot predict when those days will likely be, missing Bitcoin's best 10 days previously means missing out on just about all of its returns.
In 2024, Bitcoin's strongest 10 days delivered a complete return of 52%, while the remaining 355 days generated a median return of -15%.
Bitcoin has been in a downtrend since October 10, pressured by a $19 billion liquidation across the crypto market that followed US President Donald Trump's announcement of 100% tariffs on Chinese goods.
It was only on Wednesday that it reached back to the $90,000 mark after being below it for six days in a row.
This is despite the incontrovertible fact that November was historically the strongest Bitcoin month on average since 2013, based on CoinGlass.
Meanwhile, economist Timothy Peterson said on Monday that Bitcoin's bottom may have already got been reached or could also be reached this week.
Lee was spot on together with his Bitcoin predictions
If Bitcoin fails to satisfy Lee's prediction, it might not be the primary time that one among Lee's Bitcoin predictions falls in need of expectations.
In January 2018, Lee said that Bitcoin could reach a worth of as much as $125,000 by 2022. The all-time high in 2018 was $17,172.
However, Lee also provided precise pricing information.
In July 2017, Lee predicted that a base case scenario could see Bitcoin reach $20,000 by 2022, while a more optimistic outlook could see a possible price of as much as $55,000 over the identical period.
According to CoinMarketCap, Bitcoin finally reached $20,000 in December 2020 and $55,000 in March 2021.
