Investing.com – Fundstrat Global Advisors’ Tom Lee says the long-time investment strategy of buy and hold stocks applies to bitcoin, except in the cryptocurrency world it may be a matter of buy and HODL, meaning hold on for dear life.
Lee is advising investors not to sell even as the cryptocurrency’s slump drags on.
In a note to clients, Lee says much like with stocks, historical data shows investors need to hold on to their investments otherwise they risk missing the days of extraordinary gains.
Lee says were it not for the top 10 days of gains, bitcoin would have been down in every year since 2013.
Lee is sticking to his bitcoin coin price forecasts of $20,000 by mid-year and $25,000 by year end.
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