Bitcoin still has ‘exponential growth ahead,’ says Fundstrat’s Chief Strategist
Bitcoin has underperformed in recent weeks, but the leading cryptocurrency is expected to record massive growth in the coming weeks and months.
Fundstrat Global Advisors' managing partner and head of research, Thomas Lee, has revealed in a recent interview that he believes Bitcoin will still experience exponential growth soon. He made this statement at a time when Bitcoin is struggling to stay above the $50k level.
Lee stated that Bitcoin still has exponential growth ahead as the leading cryptocurrency begins to gain mainstream adoption. While discussing the recent price dip, Lee said it made more sense to hold the cryptocurrency through the current period of volatility. He said;
"Every year, bitcoin makes all of its gains in 10 days, and if you don't own bitcoin for those ten days, you are down 25% a year. To me, the kind of weekend massacre that happened, it's painful, but it's pretty common."
The Fundstrat executive also commented about Jack Dorsey leaving his role as Twitter CEO and focusing on Square (now called Block). Lee said the move is bullish for the cryptocurrency space as having someone of Dorsey's experience and expertise is a huge boost for the broader cryptocurrency market.
Lee added that the cryptocurrency space is still in its early days, and the projects will grow bigger in the coming years. Bitcoin and other leading cryptocurrencies are expected to rally higher over the coming months and years.
The broader cryptocurrency market has been in a bearish trend for the past few weeks. Bitcoin lost more than 25% of its value after dropping from an all-time high of $69,044 to trade just above the $48k level.
However, BTC is slowly recovering and is currently trading above the $50k at press time. The medium and long-term outlooks of Bitcoin and other leading cryptocurrencies remain positive despite the recent dip in prices.