bitcoin-still-good-investment-but-why/” rel=”nofollow”>Thomas Jong Lee, the chief executive officer (CEO) of Fundstrat, an independent financial research boutique, has maintained a bullish stance on bitcoin. The financial analyst has x.com/fundstrat/status/1787556166257521142?s=46″ rel=”nofollow”>foretold that the world's largest cryptocurrency could rise enormously, doubling its current price to bitcoin-spot-etf-approval/” rel=”nofollow”>reach $150,000 during the 2024 crypto market cycle.
bitcoin could go parabolic in 2024
During a recent interview On Squawk Box, CNBC on May 7, Lee doubled his previous bitcoin-price-set-to-double/” rel=”nofollow”>bitcoin forecastexpressing strong confidence that the pioneering cryptocurrency would see a dramatic rise before the end of 2024. He predicts that bitcoin, currently bitcoin-price-below-67000/” rel=”nofollow”>priced at $62,371according to CoinMarketCap, it will surpass previous all-time highs and reach $150,000.
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The CEO of Fundstrat revealed in early April in an interview with CNBC Television, that “bitcoin would definitely hit new all-time highs this year,” predicting that the cryptocurrency could rise to $150,000 in 2024, and bitcoin-targets-500000-scary-dips/” rel=”nofollow”>$500,000 long-term.
He highlighted that the bitcoin-demand-miner-issuance-unprecedented-degree/” rel=”nofollow”>strong demand for btc has been driving its price increase. Furthermore, the integration of the Rune ProtocolA new token standard for the issuance of fungible tokens on the bitcoin network has also strengthened the blockchain network.
Lee's ambitious bitcoin forecast comes at a time when the market has been experiencingbitcoin-investors-remain-greedy-despite-high-market-volatility-report/” rel=”nofollow”> significant volatility and periods of fluctuations. bitcoin previously rose to a its highest point above $73,000 in March, driven by hype and demand for bitcoin-etfs-btc-down-20-founder/” rel=”nofollow”>bitcoin Spot ETF.
However, after Halving bitcoin on April 20, which many analysts and investors believed would trigger another price rally, btc witnessed a bitcoin-price-suffers-sharp-decline/” rel=”nofollow”>dramatic fallfalling as low as $57,000 sometime in May.
Despite the turmoil in the broader crypto market, Lee remains optimistic about bitcoin's long-term value. His unwavering confidence in the cryptocurrency's strong price fundamentals is reflected in his expectations of a possible price rise to half a million or even exceeding it in the coming years.
Factors point to bullish momentum following Fed rate cut
While Lee was making his bullish projections on bitcoin, he was also talking about the present. crypto-inflation-puts-the-squeeze-on-food-chains/” rel=”nofollow”>inflationary situation and economic conditions of the United States. According to the CEO of Fundstrat, inflation in the United States will cool dramatically, which could trigger a bitcoin-drop-short-term-roar-fed-slash-rates/” rel=”nofollow”>bullish momentum for bitcoin If this happens.
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The executive director revealed that the bitcoin-takes-a-hit-as-fed-puts-rate-cuts-on-hold/” rel=”nofollow”>Federal Reserve (FED) It currently has more room to cut rates, citing its impacts on the country's banking balance sheet. Although he stopped short of specifying a precise timeline for the drop in the US inflation rate, Lee indicated that it could potentially occur in the second half of 2024.
Overall, the Fundstrat CEO has maintained a bullish outlook on inflation pressures in the US, with bitcoin often serving as a bitcoin-exceeds-expectations-inflation-hedge/” rel=”nofollow”>inflation hedge and a bitcoin-will-beat-gold-as-store-of-value/” rel=”nofollow”>store of value during these periods of economic uncertainty.
x/xULHJsKQ/” alt=”Tradingview.com bitcoin Price Chart” width=”3286″ height=”1576″ loading=”lazy”/>
btc price continues to fluctuate | Source: BTCUSD on Tradingview.com
Featured image from CNBC, chart from Tradingview.com
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