Tom Lee (톰 리) has set $150,000 as an upside target for bitcoin. CoinPost, a blockchain news outlet, reported on Sept. 1 that he described the current rise in the cryptocurrency market as still the first wave.
Lee, co-founder of Fundstrat and chairman of BitMine Immersion Technologies, said on U.S. broadcaster CNBC that institutional investors are actively buying crypto-related stocks. He said a recent surge in trading volume reflects moves made with major market swings in the fourth quarter in mind.
He also cited $100,000 as a price level to watch. As factors that could shape the market ahead, he pointed to whether the U.S. Federal Reserve raises interest rates and to long-term rate trends.
Lee identified the Federal Open Market Committee meeting scheduled for Sept. 15 as a market turning point. He said the base scenario is that the Federal Reserve holds off on raising rates, and that markets, including equities, could rise strongly in that case.
He predicted that institutional asset allocation would expand further into the cryptocurrency market as the fourth quarter approaches.
Hyunwoo Choo
cookinpapa@d-today.co.kr