Cryptocurrencies

Bitcoin to hit $150,000 in next 6 months, researcher says


Bitcoin briefly got a whiff of a price of 60,000 euros, but is being pulled down hard again today. The price has fallen by 3% in the last 24 hours.

If you can close your eyes to the short term and listen to Tom Lee for a moment, you can hope for a second half of 2024 where Bitcoin could rise to 140,000 euros ($150,000).

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Bitcoin to hit $150,000 in 2024

Tom Lee, managing partner and head of research at Fundstrat Global Advisors, stands by his previous prediction that Bitcoin would Worth $150,000 can become.

In a interview on CNBC Lee was asked about his bold March forecast, despite Bitcoin’s turbulent volatility and recent drop below $60,000.

Lee, one of the top strategists on Wall Street, admitted that Bitcoin was suffering from the planned distribution of $9 billion in coins by the bankrupt stock exchange Mt. Goxwhich will start this month.

Sharp recovery in the second half

However, he believed the market could rise once the July sell-offs are complete. “If I were to invest in crypto, knowing that one of the biggest hurdles is going away in July, I think it’s a reason to expect a sharp rebound in the second half,” Lee noted.

Lee’s prediction is also backed by analysts at JPMorgan, who suggested that the bulk of Mt. Gox liquidations could happen in July, potentially putting pressure on crypto prices before they rebound in August.

Bitcoin’s Long Term

The analyst is known for his accurate predictions of major cryptocurrency rallies. In 2017, he predicted that Bitcoin could rise to $55,000 by 2022. The king of cryptos eventually reached a value of $69,000 a year earlier.

It’s clear that Tom Lee is confident in Bitcoin’s long-term prospects. Despite the current decline and volatility, he sees great potential for a recovery and rise in the second half of 2024.

For investors willing to ignore short-term fluctuations, this could be an exciting year.

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