Bitcoin Price: This Year Bitcoin Try To Hit $20,000+ End-of-Year Target

Bitcoin bull , co-founder of Fundstrat Global Advisors, is sticking to his forecast of a bitcoin price in the $20,000 range by year’s end, he told CNBC’s “Fast Money” on Friday.

Lee said he is “trying to change the calendar year” with respect to his prediction, but remains bullish about it.
Hedge Funds Play A Bigger Role
Lee said hedge funds are playing a bigger role in the bitcoin market, which he thinks can have an impact on its price.

“I do think in 2018, trading has shifted,” Lee said. There is now more bitcoin trading in the U.S. as certain exchanges have attracted hedge funds. “I do think hedge funds are playing a role right now,” he said.

More of the analysts hedge funds are hiring are interested in cryptocurrencies, Lee said, but hedge funds are not yet aggressively adding bitcoin into their portfolios.
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Meanwhile, feedback from clients has been negative in reaction to the current bitcoin market, he said.

“Reflexivity is much bigger in crypto,” Lee said. Where it is not uncommon in traditional markets for investors to be looking to be contrarian 80% of the time, in the crypto market it is difficult to be contrarian in a bearish market.
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