Base Case Prediction: Bitcoin Price to Reach $150K by 2024
Crypto News– Bitcoin, currently priced at $69,342, is expected to reach $150,000 in 2024, according to veteran crypto market commentator Tom Lee.
In a recent interview on CNBC in May, Lee, who serves as the managing partner and head of research at Fundstrat Global Advisors, reiterated his optimistic Bitcoin price forecast.
Lee Affirms $150,000 Bitcoin Price Target Once Again
This week, Bitcoin’s optimistic price projections have been abundant, with some observers emphasizing the long-term outlook.
Tom Lee is among those focusing on the future, indicating that Fundstrat foresees a base case scenario of Bitcoin reaching six figures in 2024.
We still believe Bitcoin is in the early stages of an upward cycle, so the possibility of reaching $150,000 this year remains within our base case, he stated.
Achieving such a price level would represent a doubling of the current all-time highs, which were reached in March before retracing to $56,000 at the beginning of May.
Lee supported his outlook by highlighting macroeconomic shifts occurring in the United States. He noted that the Federal Reserve’s stance on interest rate cuts—a crucial factor monitored by risk asset traders—is more dovish than market expectations.
Uncertainty Surrounds Timing for Risk Assets
According to the latest estimates from CME Group’s FedWatch Tool, market sentiment suggests that a rate cut is most probable at the Fed’s September meeting, rather than occurring earlier. Additionally, the recent minutes from the May meeting of the Federal Open Market Committee (FOMC) emphasized the notion that no specific policy direction had been ruled out.
FAQs
Why is 2024 specifically mentioned in relation to Bitcoin’s price prediction?
The year 2024 is likely referenced because it represents a future timeframe within which analysts are making predictions about Bitcoin’s price. This allows investors and enthusiasts to anticipate potential movements in the market over the next few years.
Who are the sources or analysts behind this prediction?
The sources or analysts behind this prediction could include reputable individuals or organizations within the cryptocurrency industry, such as market analysts, financial institutions, or cryptocurrency experts.
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