Bitcoin will finish 2022 ‘flat, possibly up’ says analyst as Saylor bets on $1M BTC

cointelegraph.com:

Bitcoin (BTC) retains two of its best-known proponents but one has cooled his BTC price forecasts considerably.

In an interview with CNBC on June 9, Tom Lee, co-founder of independent research firm Fundstrat, revealed he was unsure if BTC/USD would end the year above its starting price.

Bitcoin price projections for 2022 have plummeted as macro pressures combine with black swan events such as the Terra LUNA implosion to send sentiment to near record lows.

While many argue that a capitulation event will enter in the coming months to send BTC/USD to $20,000 or under, Lee believes that underlying strength is worth paying attention to now.

“It’s a risk-on asset, so I think to the extent that Nasdaq and Bitcoin rally, it’s helping us become more comfortable that the market’s already bottomed,” he told CNBC’s CB Overtime segment.

At the same time, Lee brushed off the Terra debacle and redundancies at major crypto companies including United States exchange Coinbase, saying that Bitcoin was “acting far better than people expect.”

Asked where BTC price action was headed by the start of 2023 — even if correlated stock markets put in gains — the response was less optimistic.

“I think Bitcoin’s going to make its way to flat for the year, possibly up,” he concluded.

Lee was previously famous for his bullish takes on Bitcoin, among which was a prediction of $200,000 for 2022 made shortly after the latest all-time high of $69,000 last November.

Meanwhile, unapologetically bullish was MicroStrategy CEO, Michael Saylor, who his own comments to mainstream media firmly brushed aside any suggestion of permanent price downside.

Related: BTC price gains 4% pre-Fed as MicroStrategy vows to protect Bitcoin from $21K crash

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