As a seasoned crypto investor with a keen interest in following the market trends and analysts’ predictions, I find Tom Lee’s bullish outlook on Bitcoin intriguing. His defense of the $150,000 price target is not new, but his recent emphasis on the tailwinds from the Bitcoin halving and the inflows into Bitcoin ETFs adds weight to his argument.
As a researcher at Fundstrat Global Advisors, I’ve stood by my bold prediction of Bitcoin reaching a price of $150,000. During a recent conversation with CNBC, I explained my reasoning behind this ambitious target.
Lee says that there are tailwinds that are associated with the recent Bitcoin halving.
Bitcoin ETFs have seen massive inflows as reported by U.Today, with these products enjoying a 15-day streak of continuous investments. BlackRock’s IBIT now manages over $20 billion in assets.
Lee has added that institutional infrastructure around Bitcoin is only in its nascent stage.
According to Lee’s analysis, the expansion of Bitcoin ownership is expected to drive its price up to $150,000. Bitcoin’s value is influenced significantly by the increase in the number of wallets and their activity levels, which are both on the rise.
According to U.Today’s report, the optimistic investor, who is known as a permabull, increased his investment by $150,000 in May. He based this decision on his belief that inflation will decrease significantly during the second half of the year, serving as a major factor fueling the bullish market trend.
As of June 2, the largest cryptocurrency is trading at $70,156, according to CoinGecko data.
In his latest appearance on “Squawk Box,” Lee expressed that inflation may be showing up more gently than previously anticipated. The labor market is exhibiting signs of cooling down, but it’s not experiencing a significant decline as of now. This scenario, as per Lee’s perspective, presents a favorable outlook for US stocks.
After the market downturn in August, Fundstrat initially projected a recovery in May. However, it appears that June could instead see a more significant market upswing.
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2024-06-06 12:46