Financial marcket research firm Fundstreat's Tom Lee defended his position that Bitcoin could trade at antwhere from $22k to $25k by the year's end, in two CNBC interview Thursday, July 5.
Lee made sure to clarify to reporters that his most recent $22k price prediction is emphatically not a bearish retreat from his previous forcast of $25k.
Lee, a notorious Bitcoin bull, is famous for his prediction in January that Bitcoin would hit $25k by the end of 2018, later saying in March it would reach a staggering $91k by 2020.
Speaking on CNBC's "Squawk Box" segment Thursday morning, Lee at first appeared to have somewhat toned down his bullish outlook by saying that,"It's not out of the question that Bitcoin could be over the $20k by the end of the year." Lee based his rationale for the new estimate on the historic correlation between Bitcoin's price and mining costs, which he says by the end of the year will be around $9k per coin mined.
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