Bitcoin investors will be in high spirits after the price of the popular cryptocurrency broke through $11,000 for the first time since January.
The digital currency suffered a crash towards the end of January following fears over tighter regulation. Even Ethereum Founder Vitalik Buterin warned that cryptocurrencies could fall to “near-zero” at any time.
However, the price of Bitcoin has been back on the rise and went as high as $11,279.18 on Sunday.
Major Wall Street strategist Tom Lee recently stated that bitcoin will likely rise to $25,000 this year.
“We expect bitcoin’s major low to be $9,000, and we would be aggressive buyers around that level,” Lee was quoted as saying by CNBC.
Lee went on to state that he is bullish on bitcoin and has raised his mid-2018 bitcoin price target to $20,000 from $11,500 that afternoon.