A collection of bitcoin tokens stand in this arranged photograph (Photographer: Chris Ratcliffe/Bloomberg)

Bitcoin Hyper Bull Tom Lee Turns Cautious in the Short Term

(Bloomberg) -- 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.

Bitcoin Hyper Bull Tom Lee Turns Cautious in the Short Term

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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