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- BTC will reach $100,000 before the end of 2024? Tom Lee is confident in this scenario.
- Why Trump’s choice for US Treasury secretary could be a trigger for the prospects.
Bitcoin [BTC] could set a new all-time high (ATH) and reach the $100,000 target before the end of the year.
According to Fundstrat’s strategic investor and analyst Tom Lee, the $100,000 milestone could soon be surpassed, especially after President-elect Trump selects the next US Treasury Secretary.
In an interview with CNBC on November 18, Lee said said,
“I think more than $100,000 makes sense before the end of this year.”
Lee added that the “Trump trade” is still ongoing and that Trump’s pick for US Treasury secretary and Nvidia’s earnings report, scheduled for November 20, could be bullish clearing events for BTC.
The market expectation of $100,000 per BTC
Some market experts believe that Trump’s choice of Treasury Secretary could determine whether a national BTC reserve will be created.
At the time of writing, there was no clear choice for the position, and Polymarket estimated only a 33% chance that Trump would create the reserve.
Source: Polymarkt
In response to the tepid market outlook, Blockstream founder Adam Back believed that the US strategic BTC reserve had not yet been priced in.
He predicted a seven-figure price target for BTC if the market led the way in creating the reserve. He said,
“If the US Strategic Bitcoin Reserve happens, prepare for 7-figure bitcoin this cycle. The market is currently skeptical about a meaningful follow-up process, so that is not priced in at all.”
If Back’s seven-figure projection comes true, that would mean +$1 million per BTC. In the short term, Polymarket was prices a 66% chance that BTC will reach $100,000 by December 2024.
A similar bullish outlook, but slightly lower odds, was seen on Deribit. Options traders on Deribit estimate a 24% and 39% chance that BTC would reach $100,000 by the end of November and December, respectively.
Source: Deribit
Read Bitcoin [BTC] Price forecast 2024-2025
That said, the price chart displayed the typical bull pennant on the daily chart. In most cases, the bullish objectives for the pattern break correspond to the length of the flagpole.
That would translate into a price target of over $110,000 for BTC. This was similar to the BTC targets that traders were betting on.
Source: BTC/USDT, TradingView