Wall Street's Tom Lee Cuts His Year-End Bitcoin Price Target by About 20 Percent

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Any return approaching his $20,000 forecast for bitcoin by the end of 2018 would be up about 200 percent, Fundstrat co-founder Tom Lee argues.  Lee is the only major Wall Street strategist to issue bitcoin price targets.

"Bitcoin has historically traded at 2.5 times its mining costs. It's not out of the question that it could be over $20,000 by the end of the year at fair value," the Fundstrat Global Advisors co-founder said on "Squawk Box."

Since its most recent top around $9,800 in May, bitcoin has lost about 30 percent.  Lee remains undeterred, citing the rising cost of mining bitcoin that could restrain supply and push prices higher.

Crypto's rough road ahead in the second half from CNBC.

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