Fundstrat’s Head of Research Predicts Bitcoin Will Hit $150,000: Here’s the Timeline
Bitcoin To Hit $150,000 In 2024
Fundstrat’s Head of Research, Tom Lee, Reiterates Bitcoin Will Reach $150,000
Tom Lee, Fundstrat’s Head of Research, has reaffirmed his bullish prediction that Bitcoin will surge to $150,000. The Wall Street strategist highlighted Bitcoin’s strong bullish outlook and believes the cryptocurrency will soon break free from its bearish trends.
Bitcoin to Hit $150,000 in 2024
In a recent interview with CNBC Television, Lee expressed his optimism for Bitcoin’s future, reiterating his previous forecast that the cryptocurrency would reach an all-time high of $150,000 by the end of 2024.
Back in May, Lee projected that Bitcoin would dramatically rise to $150,000, attributing this to cooling inflation in the United States and increased demand for BTC. Now, Lee adds that Bitcoin could experience a sharp rebound following the completion of Mt. Gox’s Bitcoin repayment process to creditors.
During the interview, Lee suggested that the upcoming Bitcoin redistribution by Mt. Gox might be driving the current bearish pressure on Bitcoin’s price. In June, Mt. Gox announced it would begin its $9 billion BTC and Bitcoin Cash (BCH) repayment plans in July. This redistribution will compensate creditors for the 2014 Bitcoin exchange hack.
With $9 billion worth of BTC and BCH entering the market, speculations about potential sell-offs from creditors have risen, contributing to Bitcoin’s price decline. This sentiment has intensified selling pressures from investors.
Bitcoin’s price briefly fell below $60,000, recording further declines as miners sold off their holdings to purchase more efficient mining tools. Lee believes that following the Mt. Gox repayment process, Bitcoin may see a “pretty sharp rebound” in the latter half of the year.
Bearish Trends May Be Over for BTC
Bitcoin has successfully crossed the $60,000 threshold and is currently trading at $62,523. Since early June, the cryptocurrency experienced a sharp downward trend, dropping by up to 20% due to significant outflows from Spot Bitcoin ETFs.
However, Bitcoin may be poised for a fresh upswing as analysts anticipate a major rebound with cooling selling pressure from miners and broader market stabilization.
On-chain market intelligence platform CryptoQuant projects potential upside for Bitcoin in the third quarter of 2024 (Q3). Additionally, crypto analyst Ali Martinez has expressed bullish sentiment for BTC’s price prospects.
In a post on X (formerly Twitter), Martinez noted Bitcoin’s underperformance in the previous month, describing June as a “negative June.” Despite the downtrend, Martinez foresees a strong rebound for Bitcoin in July, with an average return of 7.98% and a possible price increase to $63,200 or $63,800.
