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Bitcoin Hyper Bull Tom Lee Turns Cautious in the Short Term

The bitcoin hyper bull has turned cautious after the recent rally “on contemporaneous fundamentals.”

Bitcoin Hyper Bull Tom Lee Turns Cautious in the Short Term
A collection of bitcoin tokens stand in this arranged photograph (Photographer: Chris Ratcliffe/Bloomberg)

(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.

To contact the reporter on this story: Arie Shapira in New York at ashapira3@bloomberg.net.

To contact the editors responsible for this story: Jeremy Herron at jherron8@bloomberg.net, Dave Liedtka

©2017 Bloomberg L.P.