Fundstrat’s head of analysis, Tom Lee has doubled down on his preliminary Bitcoin prediction, strongly emphasizing that the pioneer cryptocurrency will surge to $150,000. The Wall Avenue strategist highlighted Bitcoin’s sturdy bullish outlook, believing that the cryptocurrency will ultimately pull out of bearish trends quickly.
Bitcoin To Hit $150,000 In 2024
In a latest interview with CNBC Tv, Lee expressed bullish optimism over Bitcoin’s future outlook, reaffirming his earlier prediction that the cryptocurrency would attain new all-time highs of $150,000 by the tip of 2024.
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Earlier in Might, Lee made a bullish forecast for Bitcoin, anticipating a dramatic surge to $150,000 earlier than the 12 months ends. On the time, the Fundstrat head of analysis attributed his bold forecast to the cooling down of inflation in the United States (US) and a subsequent enhance within the demand for BTC. Nonetheless, now Lee provides that BTC may witness a pointy rebound following the conclusion of Mt Gox’s Bitcoin compensation course of to collectors.
In the course of the interview, Lee recommended that the upcoming Bitcoin redistribution by Mt Gox could be driving the bearish stress on Bitcoin’s worth. Earlier in June, Mt Gox disclosed that it will formally begin its $9 billion price of BTC and Bitcoin Money (BCH) compensation plans in July. The redistribution will see creditors being refunded and compensated for the Bitcoin alternate’s hack assault in 2014.
With $9 billion price of BTC and BCH set to flood the market, speculations are rising regarding potential sell-offs from collectors. This sentiment has led to BTC’s downward spiral, triggering stronger promoting pressures from traders.
Bitcoin’s price additionally fell under $60,000 in some unspecified time in the future, recording much more declines as miners sold off their holdings to buy more practical mining instruments. Lee believes that following any Gox’s compensation course of, Bitcoin might have a “fairly sharp rebound” within the second half of the 12 months.
Bearish Developments Might Be Over For BTC
Bitcoin worth has efficiently crossed the $60,000 threshold and is now buying and selling at $62,523, as of writing. Since early June, the cryptocurrency has skilled a pointy downward pattern, crashing by up to 20% because of the substantial outflows from Spot Bitcoin ETFs.
Nonetheless, Bitcoin could also be preparing for a recent upside as analysts foresee a significant rebound as miners’ selling pressure cool off and the broader crypto market stabilizes.
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Significantly, on-chain market intelligence platform, CryptoQuant has projected a possible upside for Bitcoin within the third quarter of 2024 (Q3). Moreover, crypto analyst Ali Martinez has expressed bullish sentiment for BTC’s worth prospects.
In an X (previously Twitter) post, Martinez highlighted Bitcoin’s underperformance within the earlier month, describing this bearish occasion as a “adverse June.” Regardless of the downtrend, the analyst foresees a powerful rebound for Bitcoin in July, with a mean return of seven.98% and a potential worth enhance to $63,200 or $63,800.
Featured picture created with Dall.E, chart from Tradingview.com
