Tom Lee predicts a recovery in the cryptocurrency market amid investor skepticism
According to PANews, Tom Lee, co-founder of Fundstrat and head of Bitmine Immersion, expressed optimism about the potential of the cryptocurrency market to recover. Despite some investors' skepticism about the authenticity of this recovery, Lee believes that such doubts could push the market upward. He noted that since 2020, investors have consistently underestimated every market recovery, and this time is expected to be no exception.
Lee emphasized the growing investments in cryptocurrencies from traditional financial sectors led by Wall Street. Ethereum (ETH) benefits from Wall Street's push for tokenization, while its seamless operation is critical for banks. Based on fundamental analysis, Lee estimates that ETH should be valued at $15,000 compared to its current price of $3,700. He highlighted that the real issue lies in the underestimation of ETH adoption by institutional investors, suggesting that Ethereum is currently at a mid-stage of its development.