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 troublesome to abdomen for older traders who’re used to non-public banks and investments that had 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.
Based on Lee, BTC can surge as much as $150,000 earlier than the tip of 2024.
“The outdated excessive, which was three years in the past, was in a time when Bitcoin’s fundamentals and the structural help round it wasn’t as sturdy as it’s right now.
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 the 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 larger sooner or later.”
Lee has beforehand mentioned 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% prior to now 24 hours.
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