Tom Lee, head of research at Fundstrat, has doubled down on his initial Bitcoin prediction, strongly emphasizing that the pioneer cryptocurrency increase to $150,000. The Wall Street strategist highlighted Bitcoin’s strong bullish outlook, believing the cryptocurrency will eventually retreat bearish trends soon.
Bitcoin will reach $150,000 in 2024
In a recent one interview at CNBC Television, Lee expressed bullish optimism about Future Prospects of Bitcoinconfirming his previous prediction that the cryptocurrency would reach a new all-time high of $150,000 by the end of 2024.
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Earlier in May, Lee made a bullish prediction for Bitcoin, anticipating a dramatic rise to $150,000 before the year ends. At the time, Fundstrat’s head of research attributed his ambitious forecast to the slowing economy inflation in the United States (US) and a subsequent increase in demand for BTC. But now Lee is adding that BTC could witness a sharp recovery after the closure of The Bitcoin of Mount Gox repayment process to creditors.
During the interview, Lee suggested that the upcoming Redistribution of Bitcoin by Mt Gox could cause the bearish pressure on Bitcoin’s price. Earlier in June, Mt Gox announced that it would officially begin its $9 billion BTC and Bitcoin Cash (BCH) redemption plans in July. The redistribution will see it creditors are repaid and compensated for the hacking attack on the Bitcoin exchange in 2014.
With $9 billion worth of BTC and BCH set to flood the market, speculations increase due to possible sell-off by creditors. This sentiment has led to BTC’s downward spiralleading to stronger selling pressure from investors.
Bitcoin’s price also fell below $60,000 at one point, recording further declines as miners sold their belongings to buy more effective mining tools. Lee believes that, following Gox’s redemption process, Bitcoin could see a “pretty sharp recovery” in the second half of the year.
Bearish trends may be over for BTC
Bitcoin price has successfully crossed the $60,000 threshold and is now trading at $62,523 at the time of writing. Since the beginning of June, the cryptocurrency has been on a sharp downward trend, crashes up to 20% due to significant outflows from Spot Bitcoin ETFs.
However, Bitcoin may be gearing up for new upside as analysts anticipate a major recovery Miners’ selling pressure is easing and the broader crypto market stabilizes.
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In particular, the on-chain market information platform, CryptoQuant has predicted a potential upside for Bitcoin in the third quarter of 2024 (Q3). Furthermore, crypto analyst Ali Martinez has expressed bullish sentiment on BTC’s price prospects.
In an X (formerly Twitter) afterMartinez highlighted Bitcoin’s underperformance in the previous month, describing this bearish event as a “negative June.” Despite the downward trend, the analyst says provides a strong recovery for Bitcoin in July, with an average return of 7.98% and a possible price increase to $63,200 or $63,800.
Featured image created with Dall.E, chart from Tradingview.com