A trader who correctly called the bottom for Bitcoin (BTC) during the 2018 bear market says that Ethereum (ETH) rival Solana (SOL) is setting up for a meteoric price appreciation.
Tom Lee of Fundstrat forecasts a potential surge in Bitcoin's value to around $200,000 within five years. He believes the impact of a US-authorized Bitcoin ETF is significantly underestimated, which, if approved, could boost Bitcoin's market. If an ETF isn't approved, he expects Bitcoin to rely on organic network effects.
Bitcoin and the entire crypto market have received a positive signal of recovery with the news that the Fed will slow down rate hikes. However, it is still not clear that the picture will be entirely brighter for crypto.