One of the Biggest Bitcoin Bulls on Wall Street Just Turned Cautious

Fundstrat's Lee Says Tech is Only Growth Solution

Fundstrat Global Advisors head of research Thomas J. Lee, who previously called for bitcoin to hit $6,000 by the middle of 2018 and $25,000 by 2022, has turned cautious after the recent rally "on contemporaneous fundamentals."

Lee says the roughly 60 percent surge in the past month to more than $7,000 is a result of multiple factors, including the CME Group Inc.’s plan to offer futures and speculation Amazon.com Inc. is acquiring crypto-related domain names.

He recommends buying bitcoin in the $5,500 range and the Bitcoin Investment Trust (GBTC) at $750, and is “long-term constructive” on bitcoin, maintaining his 2022 price target of $25,000.

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