As an analyst with a background in finance and experience following the cryptocurrency market, I find Tom Lee’s prediction of Bitcoin reaching $150,000 by 2024 intriguing. His belief that we are still in the early stages of this bullish cycle aligns with my own analysis, as the transformative impact of Bitcoin ETFs on mainstream adoption cannot be ignored.
In an interview on CNBC’s “Squawk Box” on Monday, Tom Lee, the co-founder of Fundstrat, expressed his belief that the value of Bitcoin will reach $150,000 by the year 2024.
I believe in the current bullish trend of Bitcoin, and according to my analysis, we’re still in its early stages. Reaching a price of $150,000 is still a valid possibility based on our forecast.
The price of the primary cryptocurrency hovers slightly above $63,000 at present, having relinquished some of its previous advancements.
According to a report from U.Today, Lee expressed his belief during a talk with American investor Anthony Scaramucci that the market had been deceived by the market turbulence in April.
This year, the co-founder of Fundstrat expressed his views in depth regarding the significant influence of Bitcoin ETFs. In his opinion, these financial instruments represent a “marvelous advancement” as they enable individuals to invest in Bitcoin without the hassle of managing private keys.
Lee believes that the price of Bitcoin could reach $500,000 within the next five years.
Inflation to drop “dramatically”
As an analyst, I would rephrase it as: A week ago, I observed a significant drop in Bitcoin’s price, caused by investor concerns over potential stagflation due to concerning inflation data. However, the co-founder of Fundstrat holds a contrasting view, predicting that US inflation will see a “dramatic” decrease this year.
“I think inflation is going to sorta cool pretty dramatically,” Lee said.
As a crypto investor, I can’t pinpoint exactly when the significant decrease in inflation will occur, but I believe it’s likely to happen in the second half of 2024.
Lee expresses his belief that the U.S. Federal Reserve is uneasy about current long-term interest rates. He clarifies that these rates are causing significant strain on regional banks. “Their financial situation is worsening. The expense of borrowing is quite substantial, and it stands out compared to other parts of the world.”
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2024-05-06 23:02