Bitcoin bull Thomas Lee says the biggest digital currency is primed for a “Fear Of Missing Out” rally that could see it hit as high as $40,000 within a few months.

Better market transparency and integrity is supportive of higher prices and a breach of the $10,000 level could trigger “FOMO,” wrote Lee, the managing partner and head of research with Fundstrat Global Advisors, in a note to clients Monday. A surge could spark even greater returns in the Grayscale Bitcoin Trust, he said.

Lee, a noted permabull, as well as other crypto prognosticators from BitMEX’s Arthur Hayes to Galaxy Digital’s Mike Novogratz, had a difficult time forecasting the price of Bitcoin amid a 74% slump last year. Most were far too bullish as the crypto mania of 2017 gave way to a year dominated by concerns about increased regulation, exchange hacks and weak demand from institutional investors.

“Bottom line: Crypto winter looks over,” Lee said. “Investors need to overweight Bitcoin. And a good way to gain exposure is via GBTC.”

Bitcoin climbed past $9,000 to its highest since May 2018 on Monday, and traded little-changed at about $9,200 as of 10:45 a.m. London Tuesday after Facebook Inc. announced plans for a cryptocurrency called Libra. The project adds to optimism that cryptocurrencies are becoming more widely adopted by mainstream finance. The U.S.-listed trust, which tracks Bitcoin’s market price, jumped 11% to $12, the highest since July 2018, the same day.

The Grayscale Bitcoin Trust “enjoys a NAV premium because of scarcity,” Lee wrote. Assuming Bitcoin trades in the $20,000 to $40,000 range with a net asset value premium of 20% to 60%, that gives a target price for the trust of $29 to $63, he said.

“This is substantial upside and suggests it is a good way to get Bitcoin exposure,” he said.

This story provided by Bloomberg News.