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Fundstrat's Tom Lee says he's a buyer of the bitcoin pullback, sees more than 35% gains from here

Fundstrat's Tom Lee says he's a buyer of the bitcoin pullback, sees more than 35% gains from here

Finance
The only major Wall Street strategist to formally cover bitcoin raised his price target on the digital currency the day of a massive price rout. "We are buyers of bitcoin on this pullback," Fundstrat co-founder Tom Lee said in a Friday note. "The intrinsic/fundamental value of bitcoin has risen in the past month given the surge of new wallets and hence, explains the rise in our short-term target price."Lee increased his mid-2018 price target on bitcoin to $ 20,000 from $ 11,500 based on higher user volume. That implies a 37 percent rise from bitcoin's price on Coinbase of roughly $ 14,600 Friday afternoon. Bitcoin had plunged to a low of $ 10,400 in the morning, down 47 percent from a record high above $ 19,800 reached Sunday. Bitcoin over the last 12 monthsSource: Coinbase"We are revising...