- According to Fundstrat’s top strategist, BTC could reach $150,000 by the end of the year
- However, Standard Chartered forecast $100,000 or $50,000 depending on the outcome of the US election.
Tom Lee, managing partner and top strategist of Fundstrat Global Advisors, predicted that Bitcoin [BTC] By the end of the year, the price could reach $150,000.
In a recent CNBC interviewLee underlined that a massive supply surplus from Mount Gox will disappear in July, allowing BTC to recover.
“Knowing that the largest overhang will disappear in July, this is a reason to expect a pretty sharp recovery in the second half of 2024. So I think $150,000 is still within the target.”
Mount Gox is expected to do so distribute approximately $9 billion in BTC to victims early this month, but there was no official schedule at the time of writing.
Despite the bold prediction, the US elections could also influence BTC’s price targets.
How US Elections Will Affect Bitcoin
With former President Donald Trump positioning himself as pro-Bitcoin, analysts believe the outcome of the US elections could impact the markets.
According to Geoffrey Kendrick, head of forex and digital asset research at Standard Chartered Bank, BTC could reach $100,000 in November. In an interview with The Block, the director stated:
“A new all-time for bitcoin in August is likely, and then $100,000 on US Election Day.”
Interestingly enough, Kendrick’s price projection hinges on whether Joe Biden will remain in the presidential race.
However, should Biden drop out of the race at the end of July, as some political commentators suggest, BTC could fall to $55,000 or 50,000 per Kendrick. StanChart’s director added:
“The logic here is that both regulation and mining would be viewed more favorably under Trump.”
Meanwhile, BTC returned to the $60,000 level after attempting to recover above $63,000 over the weekend.
The signals from the derivatives market were mixed, with volume up +23% and Open Interest (OI) rates down. However, BTC will experience high volatility on July 3, ahead of the release of the FOMC minutes.
These minutes provide an in-depth account of the last meeting of the Federal Open Market Committee (FOMC).