Fundstrat’s Tom Lee On Why Bitcoin Price Is Due To Hit $150,000 This Year
Bitcoin (BTC) is on track to hit as high as $150,000 by the end of this year, Fundstrat managing partner and head of research Tom Lee thinks.
In his latest appearance on CNBC, Lee said that BTC/USD is poised to rebound strongly in the second half of 2024.
Lee Reiterates $150,000 BTC Price Target
Ten and a half years after filing for bankruptcy, the defunct crypto exchange Mt. Gox is finally set to disburse 142,000 Bitcoin worth around $9 billion to creditors between July and October.
News that Mt.Gox plans to distribute BTC to the 2014 hack victims sparked concerns the creditors would sell once they had their payouts, creating a supply overhang in the market. Expectations of the upcoming selling pressure sent Bitcoin spiraling down, briefly driving it below $60,000 for the first time since early May.
Veteran crypto market commentator Tom Lee, however, is seemingly unperturbed by the Mt.Gox FUD (fear, uncertainty, and doubt). Lee believes the multi-years-long saga was a “huge overhang” over the crypto market.
According to the Fundstrat executive, this headwind will no longer be relevant, which augurs well for the Bitcoin price. This is why he is not taking the $150,000 price target off the table.
BTC Set For Rebound Rally
Lee sees a “sharp” rebound in the second half of 2024. The former JPMorgan equity strategist believes the Federal Reserve will not maintain its dovish pivot for a long time.
He further observed that the premier cryptocurrency often makes most of its gains within 10 days every year. If you take out the 10 best days in a single year, Bitcoin has negative returns, Lee opined.
Lee is well known in crypto circles for his uber-bullish BTC price forecasts, some of which never come true. For instance, Lee forecasted that the flagship crypto would hit $200,000 in 2022. Bitcoin instead slipped into a prolonged bear market.
Notably, other prominent analysts are also optimistic. Bitcoin maxi Fred Krueger posited in a July 1 X post that the price of Bitcoin could double between now and the end of 2024. “No more turtle nonsense,” he asserted.
Bitcoin was trading at $62,567 at publication time. Although BTC’s price has recovered from its weekly low below $60,000, it is still down 15.2% from its all-time high of $73,737, set in March.
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Fundstrat’s Tom Lee On Why Bitcoin Price Is Due To Hit $150,000 This Year
Bitcoin (BTC) is on track to hit as high as $150,000 by the end of this year, Fundstrat managing partner and head of research Tom Lee thinks.
In his latest appearance on CNBC, Lee said that BTC/USD is poised to rebound strongly in the second half of 2024.
Lee Reiterates $150,000 BTC Price Target
Ten and a half years after filing for bankruptcy, the defunct crypto exchange Mt. Gox is finally set to disburse 142,000 Bitcoin worth around $9 billion to creditors between July and October.
News that Mt.Gox plans to distribute BTC to the 2014 hack victims sparked concerns the creditors would sell once they had their payouts, creating a supply overhang in the market. Expectations of the upcoming selling pressure sent Bitcoin spiraling down, briefly driving it below $60,000 for the first time since early May.
Veteran crypto market commentator Tom Lee, however, is seemingly unperturbed by the Mt.Gox FUD (fear, uncertainty, and doubt). Lee believes the multi-years-long saga was a “huge overhang” over the crypto market.
According to the Fundstrat executive, this headwind will no longer be relevant, which augurs well for the Bitcoin price. This is why he is not taking the $150,000 price target off the table.
BTC Set For Rebound Rally
Lee sees a “sharp” rebound in the second half of 2024. The former JPMorgan equity strategist believes the Federal Reserve will not maintain its dovish pivot for a long time.
He further observed that the premier cryptocurrency often makes most of its gains within 10 days every year. If you take out the 10 best days in a single year, Bitcoin has negative returns, Lee opined.
Lee is well known in crypto circles for his uber-bullish BTC price forecasts, some of which never come true. For instance, Lee forecasted that the flagship crypto would hit $200,000 in 2022. Bitcoin instead slipped into a prolonged bear market.
Notably, other prominent analysts are also optimistic. Bitcoin maxi Fred Krueger posited in a July 1 X post that the price of Bitcoin could double between now and the end of 2024. “No more turtle nonsense,” he asserted.
Bitcoin was trading at $62,567 at publication time. Although BTC’s price has recovered from its weekly low below $60,000, it is still down 15.2% from its all-time high of $73,737, set in March.
Read More
El Salvador Secures IMF Deal, Retains Bitcoin Holdings Amid Fiscal Changes