Analyst: Bitcoin Can Reach $150,000 in 2024
23 May, 2024 ● Vijesti o kovanicama
Tom Lee, a seasoned cryptocurrency market analyst, predicts that Bitcoin could reach $150,000 in 2024.
In an early May CNBC interview, Lee, who is a managing partner and head of research at Fundstrat Global Advisors, shared his optimistic projection for Bitcoin’s price.
While many are setting high expectations for Bitcoin's price in the short term, Lee focuses on the longer horizon.
He disclosed that Fundstrat anticipates a "base case" six-figure Bitcoin price by 2024.
“Bitcoin’s still, we think, early in an upcycle, so the idea that it could get to $150,000 this year is still within our base case,” he commented.
This potential price point would be twice the peak that Bitcoin reached in March, which was followed by a dip to $56,000 at the beginning of May.
Lee attributes his forecast to anticipated macroeconomic shifts in the United States, noting that the Federal Reserve's stance on interest rate cuts seems "more dovish than where the market is.”
“I think that’s the process of why markets are recovering,” he suggested, explaining his optimistic view.
Lee has a reputation for his Bitcoin price predictions, although not all have materialized.
He hinted to his followers on X that maintaining a long position in Bitcoin has been beneficial over time.
“LESSON: being intellectually stubborn is costly,” he noted, discussing Fundstrat's investment approach.
As of May 23, BTC/USD was trading at around $70,000, according to data from Cointelegraph Markets Pro and TradingView, marking a 15% increase month-to-date.
Meanwhile, the latest predictions from CME Group’s FedWatch Tool indicate that a rate cut is expected most likely at the Fed's September meeting, rather than sooner.
Recent minutes from the Federal Open Market Committee's May meeting also emphasized that no policy direction was considered off-limits.
“Participants discussed maintaining the current restrictive policy stance for longer should inflation not show signs of moving sustainably toward 2 percent or reducing policy restraint in the event of an unexpected weakening in labor market conditions,” the minutes noted.
“Various participants mentioned a willingness to tighten policy further should risks to inflation materialize in a way that such an action became appropriate.”
Sources:
https://cointelegraph.com/news/bitcoin-price-150k-in-2024-base-case-tom-lee
https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html
https://x.com/BTC_Archive/status/1793557828411785604
