FundStrat head of research says Bitcoin may hit $150k this year
Tom Lee shared his big prediction on the Bitcoin trade price amid the major Bitcoin bull sentiments.
Tom Lee is head of research at Fundstrat Global Advisors. Before co-founding Fundstrat, Lee served as J.P. Morgan’s Chief Equity Strategist from 2007 to 2014, and before that, he was Managing Director at Salomon Smith Barney.
On 21 Feb 2024, Tom Lee appeared on CNBC’s Squawk Box and said that he thinks that Bitcoin will hit $150,000 this year.
Lee said that his prediction is based upon the three major Bitcoin bull factors which will help Bitcoin to gain surge by 190% from this level.
When he was questioned about the future of Bitcoin, Lee appreciated the role of Bitcoin as the best store of value assets and also called the Bitcoin blockchain network better than the Bank’s accounting methods.
Lee has been a Bitcoin proponent for a long time. He believes that the trade price of Bitcoin will hit $200k in the next few years.
In the same interview, co-anchor Andrew Sorkin shared his personal opinion on Bitcoin and indirectly said that he can’t imagine a world where Bitcoin exists as a dominant financial asset over the US dollar.
Bitcoin price action
The current trade price of Bitcoin (BTC) is $51,837 & this trade price has been 38% higher over the last 3 months.
In this bull phase of Bitcoin trade price, the excitement among the Bitcoin traders is because of the upcoming most important event for Bitcoin called “Bitcoin halving”.
In the present time, Bitcoin investment is 10× over the birth of new Bitcoin per day, thanks to Bitcoin spot ETF products, approved by the United States Securities and Exchange Commission (SEC) in Jan of this year.
People believe that the post-Bitcoin halving phase will be more bullish than this phase because the demand vs supply ratio will change rapidly.
As per sentiments, Bitcoin may not fall below the $49k level under normal downfall because of strong buy support at this level and simultaneously there are huge chances that it will hit the $53k level soon.
Read also: Ethereum (ETH) accumulation among big whales surges as ETH price hits $3k
