- Thomas Lee considers Bitcoin could reach $40,000
- This price increase would be triggered by FOMO and larger investors.
Could Bitcoin Surge And Reach $40,000?
Bitcoin (BTC) might be traded under $8,000 but the positive sentiment around it remains. Thomas Lee, the co-founder of Fundstrat Global Advisors, considers that the virtual currency could reach $40,000 within five months. That means that the digital currency would be growing over 500% from the current levels.
Bitcoin Price Could Surge to $40,000 Due to FOMO
During an interview with the CFO of Binance, Wei Zhou, Lee said that Bitcoin could continue growing in the near future. Both of them considered that if Bitcoin regains the $10,000 level, the digital currency could swiftly move to $20,000. Once the FOMO kicks in, the price surges between 200% to 400%.
Lee has also mentioned that at these levels, few people have lost money owning Bitcoin. At the same time, he mentioned that the next key threshold could welcome new institutional investors.
On the matter, he commented:
“Every institution is going to realize, look at $10,000 it’s likely to go back to its all-time high, which is double. There are very few things that can double. So I think FOMO truly gets triggered once bitcoin hits $10,000.”
Back in 2018, Bitcoin’s price fell over 80% and the sentiment was very negative for Bitcoin. There have been many larger investors and institutions afraid of entering the space. Things are different now since there are different companies working in order to welcome larger investors to the space.
Binance has also announced that their systems detected a disk failure and they were shut down to prevent any data loss or corruption. The platform mentioned that they will regularly update about this issue that was reported on June 7.
Currently, each Bitcoin is being traded around $7,900 and it has a market cap of over $140 billion. Moreover, in the last 24 hours, the virtual currency experienced a price decrease of 1.11 percent, according to CoinMarketCap.