Fundstrat research chief Tom Lee has doubled down on his original bitcoin prediction, strongly emphasizing that the pioneering cryptocurrency will enhance to $150,000Wall Street strategist highlights mighty bullish outlook on Bitcoin, believing cryptocurrency will eventually pull back bear trends Soon.
Bitcoin will reach $150,000 in 2024
In the recent interview In an interview with CNBC, Lee expressed his hopeful attitude towards Bitcoin’s Future Prospectsconfirming his previous prediction that the cryptocurrency would reach a modern all-time high of $150,000 by the end of 2024.
Earlier in May, Lee gave a bullish outlook for Bitcoin, predicting a surge to $150,000 by year-end. At the time, the Fundstrat research chief attributed his ambitious forecast to a cooling inflation in the United States (US) and the subsequent enhance in demand for BTC. However, Lee now adds that BTC could witness a piercing rebound after the end Mt Gox Bitcoin process of repayment to creditors.
During the interview, Lee hinted that the upcoming Bitcoin Redistribution by Mt Gox could put bearish pressure on Bitcoin’s price. Earlier in June, Mt Gox revealed that it would officially begin plans to repay $9 billion worth of BTC and Bitcoin Cash (BCH) in July. The redistribution will include creditors receive refunds and compensation for the hacker attack on the Bitcoin exchange in 2014.
Considering that the market is about to be flooded with $9 billion worth of BTC and BCH, speculations are rising due to potential sell-offs by creditors. This sentiment has led to a downward spiral of BTCwhich caused stronger selling pressure from investors.
Bitcoin price also fell below $60,000 at one point, recording even deeper declines as miners They sold their shares to purchase more capable mining tools. Lee believes that following the Gox payoff process, Bitcoin could have a “pretty sharp rebound” in the second half of the year.
Bearish trends may end for BTC
Bitcoin price has successfully crossed the $60,000 mark and currently stands at $62,523 at the time of writing. The cryptocurrency has experienced a piercing downtrend since early June, collapse up to 20% due to significant outflows from Bitcoin-based ETFs.
However, Bitcoin could be poised for a modern rally as analysts predict a large rebound miners’ selling pressure has weakened and the broader cryptocurrency market is stabilizing.
In particular, the market analysis platform in the chain, Cryptoquantum predicts a potential rise for Bitcoin in the third quarter of 2024 (Q3). Furthermore, crypto analyst Ali Martinez expressed bullish sentiment towards BTC’s price outlook.
WX (formerly Twitter) fastingMartinez highlighted Bitcoin’s needy performance in the previous month, describing the bearish event as a “negative June.” Despite the downtrend, the analyst predicts Bitcoin’s mighty rebound in July, with an average return of 7.98% and a possible price enhance to $63,200-$63,800.
Featured image created with Dall.E, chart from Tradingview.com
