Fundstrat head of research Tom Lee has doubled down on his initial Bitcoin prediction, strongly emphasizing that the pioneering cryptocurrency will rises to US$ 150,000. The Wall Street strategist highlighted Bitcoin’s strong bullish outlook, believing the cryptocurrency will eventually exit the market. downtrends soon.
Bitcoin will hit $150,000 by 2024
In a recent interview with CNBC Television, Lee expressed optimistic optimism about Future prospects of Bitcoinreaffirming his previous prediction that the cryptocurrency would reach new all-time highs of $150,000 by the end of 2024.
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In early May, Lee made a bullish prediction for Bitcoin, anticipating a dramatic rise to $150,000 before the end of the year. At the time, Fundstrat’s head of research attributed his ambitious forecast to the cooling of the inflation in the United States (US) and a subsequent increase in demand for BTC. However, Lee now adds that Bitcoin could witness a strong recovery after the completion of the Bitcoin from Mt. Gox process of repaying creditors.
During the interview, Lee suggested that the next Bitcoin Redistribution by Mt Gox may be driving downward pressure on Bitcoin’s price. Earlier in June, Mt Gox revealed that it would officially begin its plans to redeem $9 billion in BTC and Bitcoin Cash (BCH) in July. The redistribution will see creditors being repaid and compensated for the 2014 Bitcoin exchange hack attack.
With $9 billion worth of BTC and BCH set to flood the market, speculations are increasing regarding possible sales by creditors. This sentiment has led to BTC’s downward spiraltriggering stronger selling pressures from investors.
Bitcoin Price also fell below $60,000 at some point, recording further declines as miners sold their shares to acquire more efficient mining tools. Lee believes that after any Mt. Gox refund 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 broken through the $60,000 threshold and is now trading at $62,523 at the time of writing. Since the beginning of June, the cryptocurrency has experienced a strong downward trend, falling by up to 20% due to substantial outflows from Spot Bitcoin ETFs.
However, Bitcoin may be gearing up for a new high as analysts predict a major rally as Miners’ selling pressure has cooled and the broader crypto market stabilizes.
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In particular, on-chain market intelligence platform, CryptoQuant has projected a potential upside for Bitcoin in Q3 2024 (Q3). Additionally, crypto analyst Ali Martinez has expressed bullish sentiment regarding BTC’s price outlook.
In an X (old Twitter) publishMartinez highlighted Bitcoin’s poor performance in the previous month, describing this bearish event as a “negative June.” Despite the bearish trend, the analyst predict 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