The prominent financial market commentator Tom Lee reaffirmed its price target of $250,000 for Bitcoin (CRYPTO:BTC) in 2025 on Wednesday, thanks to a more crypto-friendly US administration.
What happened
Lee, managing partner and head of research at Fundstrat Global Advisorsstated in a CNBC interview that the world’s leading Cryptocurrency has faced numerous regulatory pressures in recent years, but the new White House is “embracing” digital assets.
“A new chairman of the SEC, a new chairman of the FTC, a new secretary of commerce… I think they are seen as pro-business rekindling animal spirits, but I think a good indicator is to look at Bitcoin,” Lee said.
When asked about Bitcoin’s 2025 price target, the analyst responded that it would follow the halving cycle, which would imply a level around $250,000.
“On top of that, we have an endorsement from Trump because Bitcoin is potentially a strategic reserve asset for the US,” Lee said.
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Why is it important
Lee’s latest observation reiterated his previous projections for the flagship digital asset to reach $250,000 by the end of 2025.
He was also right in predicting Bitcoin breaking $100,000 last week.
As the leading cryptocurrency finally reached the historic milestone, Lee said it could be a precursor to a bullish stock market, setting a target of 6,300 for the S&P 500 by the end of the year.
Bitcoin price movement
At the time of writing, Bitcoin was trading at $100,535.11, up 3.27% over the past 24 hours, according to data from Benzinga Pro.
Photo courtesy of Shutterstock
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