Outspoken Bitcoin bull and Head of Research at Fundstrat Global Advisors, Tom Lee, believes that there is an “important correlation” between Bitcoin and emerging markets that could signal that Bitcoin “could end the year explosively higher.”

While speaking during an interview on CNBC’s Trading Nation on August 25, the Fundstrat executive reaffirmed his belief that Bitcoin could hit prices as high as $25,000 this year – beating the leading cryptocurrency by market cap’s previous all-time high of $20,000.

Lee based the prediction on the correlation between Bitcoin and BlackRock’s iShares MSCI Emerging Markets exchange traded fund (ETF). Lee says that both markets peaked in early 2018 and have struggled to break from their respective downtrends ever since.

Lee suggests recent trading activity shows that hedge funds have halted buying into funds tied to riskier investments such as cryptocurrency or emerging markets, in fear of market sell-offs. He says that a reversal in emerging markets could signal a reversal in Bitcoin as well.

"Until emerging markets begin to turn, I think in some ways that correlation is going to hold and tell us that sort of the risk on mentality is those buyers aren't buying bitcoin."

Lee, who has made bold predictions in the past has seen other signs in recent weeks that Bitcoin’s bear market woes may be turning around. Last month, Lee, while speaking on CNBC’s Fast Money, saw a “moon” signal in bitcoin charts, citing Bitcoin’s price in relation to the 200-day moving average.

Previously, Lee has called for Bitcoin to close out the year at a new all-time high, and is sticking with his bold prediction of as much as $25K by the end of 2018.