An analyst at a financial research firm expects Bitcoin’s price to continue rising through the end of the year on rising technical indicators and growing market demand.
In an interview with CNBC via YouTube, Fundstrat’s Tom Lee shared his thoughts on Bitcoin’s continued dominance amid the compelling election of future US President Donald Trump.
Bitcoin price is currently valued at PLN 91,000. dollars and Lee expects the most vital digital assets to consolidate near the $90,000 level, with his technical data allowing for a sustained streak.
According to technical analysts, Bitcoin is in the fifth Elliot Wave cycle, which indicates an expected enhance, and the price at the end of the year will be from 130,000. dollars to 145 thousand dollars. According to Lee, Bitcoin could easily reach this price with increasing market volume and more amiable monetary policy from the Federal Reserve.
Lee explains why Bitcoin’s rise continues
In an interview with CNBC, Lee explained that the growing demand in the market and solid technical indicators support the recent rise in Bitcoin prices. He noted that Bitcoin is currently in a consolidation phase and will likely remain at $90,000.
In his opinion, Bitcoin’s price is in line with the price action of other risky assets. But Bitcoin is different because it is more stable and shows resilience. According to Lee, Bitcoin thrives in a risk-taking environment, with the political and economic landscape favoring the digital asset.
Major indexes such as the S&P 500 and NASDAQ have fallen to support levels, providing a solid foundation for future growth. The same trend is happening with Bitcoin, suggesting that the asset is poised for another rally.
Lee also linked Bitcoin prices to other market trends, including the “Trump trade.” He argued that Trump’s election was crucial to the asset price enhance. Then there is the recent confirmation of the assumption DOSE, which aimed to promote efficiency and deregulation in government.
BTC as a strategic reserve asset
Lee pointed out that proposals to make Bitcoin a strategic asset also lend a hand enhance its market size and price. Bitcoin can serve as a hedge against macroeconomic uncertainty, including inflation. He added that current debates on the direction of US monetary policy, such as interest rate cuts, are helping the price of the cryptocurrency.
Meanwhile, discussions are ongoing about who will become the director another treasury secretarywhich may also affect prices. Howard Lutnick of Cantor Fitzgerald is one of the leading names advocating for the legality of Bitcoin.
Increasing retail and institutional support which drives up the price of Bitcoin
Lee also suggested increasing support among retail and institutional investors, which will impact Bitcoin’s price. CryptoQuant data shows that the Coinbase premium index rose at the start of the rally, suggesting growing interest from US retail investors. However, these numbers have declined recently, reflecting a slowdown in retail activity.
For Coosh Alemzadeh, Bitcoin’s current price chart and technical data suggest future growth. He added that Bitcoin is in the fifth wave of the Elliot Wave cycle, i.e. at the peak of price growth. According to his forecasts, the BTC price may reach 145,000. dollars by the end of the year.
Featured image from SCMP, chart from TradingView
