The bitcoin price pulled back from its all-time high this weekend, weighed down by a bitcoin cash price surge and disagreements over the SegWit2x scaling proposal.Bitcoin Price Chart from CoinbaseHowever, Wall Street strategist Tom Lee believes that the long-term prospects of the bitcoin price remain quite promising. As CNBC reports, Lee–who co-founded Fundstrat Global Advisors and is bearish on the outlook for the stock market–wrote a note to clients establishing a mid-2018 bitcoin price target of $6,000. He also forecasts that it could rise as high as $25,000 by 2022.
Bitcoin Price to Reach $6,000 in 2018
He says several factors will fuel bitcoin’s continued rise to $6,000, including a 50% increase public adoption of bitcoin as a store of value and mainstream financial investments in cryptocurrency: