Tom Lee, Fundstrat Global Advisors co-founder, has put forth a bullish prediction regarding Bitcoin ’s ( BTC ) near-term price action on CNBC’s Squawk Box on April 21 . Namely, the financial analyst believes that the leading digital asset struggled at the beginning of the year due to the overleveraged positions of institutional investors. “Now that deleveraging is done, I think that Bitcoin is gonna catch up to gold. And Bitcoin’s old high was over $110,000, so I think there’s a lot of room to catch up as a sort of non-dollar asset.” At the time of writing on April 21, Bitcoin was trading at $88,210, having marked a 4.43% gain on the daily chart, which has brought year-to-date (YTD) losses down to 5.67%. BTC price 1-day and year-to-date (YTD) charts. Source: Finbold Here’s how much Bitcoin would have to rally to catch up to gold In contrast with the leading cryptocurrency , gold prices have increased by 30.31% since the start of the year, having reached $3,420 per ounce by press time. Gold price year-to-date (YTD) chart. Source: TradingView Accordingly, BTC would have to see a 36.61% surge from current levels in order to catch up to gold. In absolute terms, this amounts to a rally to $120,507 — some 13.49% higher than the digital asset’s all-time high (ATH of $106,180, reached on January 22. However, readers should note that Lee’s optimism could be unfounded — the analyst had previously predicted a stock market recovery in late February, which failed to materialize. Moreover, in September of 2024, Lee missed the mark when he predicted a 7% to 10% pullback in the S&P 500. With that being said, Lee maintains a generally strong track record in terms of predictions, and has set a $250,000 price target for Bitcoin by the end of 2025. Watch the full video here: Featured image via Shutterstock The post Fundstrat’s Tom Lee: ‘Bitcoin is going to catch up to gold’ appeared first on Finbold .
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