As an experienced analyst, I’ve followed the cryptocurrency market closely for several years now. And I must admit, Permabull Tom Lee’s unwavering faith in Bitcoin’s potential is both intriguing and impressive. Despite the recent setbacks caused by the Mt. Gox repayments, Lee remains confident that this bearish factor will no longer be relevant, paving the way for a sharp rebound later this year.
During a recent conversation with CNBC, I, Tom Lee, have once again expressed my optimistic outlook for Bitcoin‘s future value, setting the price target at an ambitious $150,000.
As a researcher studying the cryptocurrency market, I can share that in late June, I noticed a significant drop in the value of the largest digital currency following an announcement by Mt. Gox exchange. This exchange, which is no longer operational, revealed its plans to distribute the stolen digital assets that had been taken during the notorious 2014 hack.
Market participants were alarmed by the imminent commencement of repayments in July, raising concerns about possible selling actions from creditors.
Despite the ongoing negative chatter about Mt. Gox, Lee appears unfazed. The drawn-out Mt. Gox situation has long cast a shadow over the market, as described by Fundstrat’s head of research. However, with this bearish factor no longer being a concern, analysts see it as positive news for Bitcoin bulls.
As an analyst, I anticipate a significant improvement in economic conditions towards the latter half of the year. Additionally, Lee indicated that the Federal Reserve would grow uneasy with continuing its restrictive monetary policy for an extended duration.
Based on U.Today’s report, I, as a crypto investor, believe that Bitcoin could experience significant growth towards the end of 2024. This prediction is rooted in the expectation that US inflation will take a notable downturn around that time.
In a recent interview, Lee pointed out an intriguing pattern in the behavior of the biggest cryptocurrency: it typically accumulates around 70% of its annual growth within just ten days each year. Conversely, excluding these top ten days would result in a negative return for this digital currency.
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2024-07-02 08:31