Fundstrat’s head of research, Tom Lee has doubled down on his initial Bitcoin prediction, strongly emphasizing that the pioneer cryptocurrency will surge to $150,000. The Wall Street strategist highlighted Bitcoin’s strong bullish outlook, believing that the cryptocurrency will eventually pull out of bearish trends soon.
Bitcoin To Hit $150,000 In 2024
In a recent interview with CNBC Television, Lee expressed bullish optimism over Bitcoin’s future outlook, reaffirming his previous prediction that the cryptocurrency would reach recent all-time highs of $150,000 by the tip of 2024.
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Earlier in May, Lee made a bullish forecast for Bitcoin, anticipating a dramatic surge to $150,000 before the yr ends. On the time, the Fundstrat head of research attributed his ambitious forecast to the cooling down of inflation in america (US) and a subsequent increase within the demand for BTC. Nevertheless, now Lee adds that BTC could witness a pointy rebound following the conclusion of Mt Gox’s Bitcoin repayment process to creditors.
Through the interview, Lee suggested that the upcoming Bitcoin redistribution by Mt Gox is perhaps driving the bearish pressure on Bitcoin’s price. Earlier in June, Mt Gox disclosed that it could officially start its $9 billion value of BTC and Bitcoin Money (BCH) repayment plans in July. The redistribution will see creditors being refunded and compensated for the Bitcoin exchange’s hack attack in 2014.
With $9 billion value of BTC and BCH set to flood the market, speculations are rising concerning potential sell-offs from creditors. This sentiment has led to BTC’s downward spiral, triggering stronger selling pressures from investors.
Bitcoin’s price also fell below $60,000 in some unspecified time in the future, recording much more declines as miners sold off their holdings to buy simpler mining tools. Lee believes that following any Gox’s repayment process, Bitcoin can have a “pretty sharp rebound” within the second half of the yr.
Bearish Trends May Be Over For BTC
Bitcoin price has successfully crossed the $60,000 threshold and is now trading at $62,523, as of writing. Since early June, the cryptocurrency has experienced a pointy downward trend, crashing by as much as 20% as a consequence of the substantial outflows from Spot Bitcoin ETFs.
Nevertheless, Bitcoin could also be preparing for a fresh upside as analysts foresee a significant rebound as miners’ selling pressure cool off and the broader crypto market stabilizes.
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Particularly, 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 price prospects.
In an X (formerly Twitter) post, Martinez highlighted Bitcoin’s underperformance within the previous month, describing this bearish event as a “negative June.” Despite the downtrend, the analyst foresees a powerful rebound for Bitcoin in July, with a median return of seven.98% and a possible price increase to $63,200 or $63,800.
BTC bulls hold price above $62,000 | Source: BTCUSD on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com