The chief govt of market insights platform Fundstrat is doubling down on his daring year-end prediction for Bitcoin (BTC).
In a brand new interview on CNBC, Tom Lee says BTC is controversial as a result of it “represents belief in a trustless world,” which makes it tough to abdomen for older traders who’re used to personal banks and investments that have been developed inside the standard monetary system.
Nonetheless, the CEO predicts the highest crypto asset by market cap will quickly surpass its all-time excessive of greater than $69,000, which it set again in November 2021.
In line with Lee, BTC can surge as much as $150,000 earlier than the top of 2024.
“The previous excessive, which was three years in the past, was in a time when Bitcoin’s fundamentals and the structural help round it wasn’t as robust as it’s at present.
I believe it’s only a matter of time earlier than that all-time excessive fails, and I believe Bitcoin makes a beeline again in direction of its long-term trendline, which might be $82,000 near-term, $150,000 earlier than year-end and naturally a lot, a lot greater sooner or later.”
Lee has beforehand stated that looser financial coverage, Bitcoin’s upcoming halving in April, and the elevated demand stemming from the brand new spot BTC exchange-traded funds (ETFs) are creating upward momentum for the flagship digital asset.
Bitcoin is buying and selling at $63,363 at time of writing. The highest-ranked crypto asset by market cap briefly reached $68,756 on Tuesday however is now down greater than 7% previously 24 hours.
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