Tom LeeManaging Partner and Head of Research at Fundstrat Global Advisors, recently commented on the future trajectory of Bitcoin. He also mentioned when the flagship crypto token could reach this specific price level.
Bitcoin will rise to $150,000 this year
Lee mentioned during a appearance on CNBC’s “Squawk Box” where Bitcoin could rise high as $150,000 this year. His belief that BTC could rise to this price level is due to the fact that demand is improving day by day Discover Bitcoin ETFs. These funds are known to have achieved significant success since launchsomething that has positively affected the price of Bitcoin.
Lee alluded to the Bitcoin halving as another factor that could contribute to Bitcoin’s rise to $150,000. He specifically noted how the supply of crypto tokens will shrink once the Halving happens. Interestingly enough, says industry expert Anthony Pompliano recently highlighted how demand for BTC exceeded supply.
This trend is expected to continue once the halving occurs BTC mined daily will drastically reduce. Meanwhile, Spot Bitcoin ETFs and other institutional investors are expected to continue stacking the crypto token without any hesitation.
Lee also noted that monetary easing, which is expected this year, would be beneficial for a risky asset like Bitcoin. As inflation cools, the Federal Reserve is expected to cut interest rates. This will undoubtedly create a bullish story for Bitcoin as investors are expected to double their investment in the crypto token once this happens.
BTC is still heading towards $500,000
Tom Lee had predicted during an appearance on Squawk Box in January this year that BTC would rise to $500,000 in the next five years. He reaffirmed this prediction during his most recent appearance on CNBC. According to him, “Bitcoin is sound money, and it is proving to be useful,” making this price level feasible.
He explained how useful Bitcoin is and stated that the crypto token has been a great store of value and also a good risk asset. He added that BTC “incredibly safe‘as there has been an issue with fraudulent entries on the blockchain since its inception. The same cannot be said for banking institutions, which Lee noted conduct many fraudulent transactions.
When you are questioned about what Bitcoin is used for nefarious activitieshe emphasized how the dollar is used for a large percentage of the crimes that take place, and no one doubts its usefulness.
At the time of writing, Bitcoin is trading around $51,800, up in the past 24 hours. facts from CoinMarketCap.
BTC price at $51,900 | Source: BTCUSD on Tradingview.com
Featured image from CoinMarketCap, chart from Tradingview.com
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