Tom Lee Predicts Bitcoin's Price Will Hit $150,000 By End Of 2024
Tom Lee Predicts Bitcoin’s Tag Will Hit $150,000 By Stop Of 2024
Fundstrat analyst Tom Lee believes Bitcoin (BTC)’s set might maybe presumably presumably reach $150,000 by the dwell of the 300 and sixty five days, rising 3X from its most recent set.
His bullish prediction is according to 2 simple components: rising put a query to attributable to Bitcoin ETFs, and falling offer attributable to the upcoming Bitcoin halving.
Tom Lee’s Bitcoin Forecast
“You’ve got put a query to improving with the ETF, you’ve got offer terrified with the halving, and if monetary protection eases – which we count on – that’s supportive of possibility resources,” Lee said in an interview with CNBC’s Issue Box on Wednesday.
.@fundstrat’s Tom Lee expects shares to decline in the necessary half, but hasn’t considered signs of a end to-time length high but. He joins to focus on about: pic.twitter.com/bBsyAN8foC
— Issue Box (@SquawkCNBC) February 21, 2024
Bitcoin has traditionally correlated with “possibility resources” fancy tech shares, rising in set as pastime rates tumble (ex. 2020) and falling in set as pastime rates upward thrust (ex. 2022). Per CME Fedwatch, traders are pricing in a Fifty three% likelihood that the Federal Reserve will commence up slicing pastime rates by June.
Such liquidity cycles bask in also lined up with Bitcoin’s “halving,” a once in four 300 and sixty five days event that cuts the price at which unique cash enter circulation in half. This 300 and sixty five days’s Bitcoin halving will lower Bitcoin’s day-to-day issuance by 450 BTC – price $23 million at this day’s set.
Yet many analysts now imagine that the newly approved Bitcoin space ETFs regularly is the necessary catalyst for Bitcoin’s next bull bustle. Funds launched by BlackRock, Fidelity, and others bask in collectively absorbed over $5 billion since launching on January 11, along side one more $136 million on Tuesday on my own, in maintaining with BitMEX Study.
The Elegance Of Bitcoin
Such inflows bask in helped power Bitcoin’s set above $50,000 for the necessary time in two years, trouncing JPMorgan’s expectations of a more extended “promote the details” event after ETF approvals.
“Bitcoin’s maintaining up, and that’s another reason I don’t include a drawdown is gonna commence that soon,” Lee said in the interview. “It’s sound money, it’s proving to be functional. It’s been a worthy store of set, it’s been a fine possibility asset. It’s also extremely stable…there hasn’t been a single fraudulent entry on the blockchain since inception. I don’t include any bank can impart that of their PNL and their accounting.”
Lee previously predicted that BTC might maybe presumably presumably hit $180,000 by the day of the Bitcoin halving, according to estimated day-to-day put a query to for Bitcoin ETFs reaching $125 million per day. As of February 21, The ETFs bask in averaged $185 million of day-to-day put a query to.
Source : cryptonews.com
