bitcoin-could-be-poised-for-a-huge-breakout-fundstrats-tom-lee/” rel=”nofollow”>Tom Leemanaging partner and head of research at Fundstrat Global Advisors, recently commented on the bitcoin-will-hit-100k-this-june-kiyosaki/” rel=”nofollow”>future trajectory of bitcoin. He also mentioned when the bitcoin-nears-55k-growth-horizon-for-solanas-memecoin-rival/” rel=”nofollow”>flagship crypto token could reach this particular price level.
bitcoin will rise to $150,000 this year
Lee mentioned during a appearance on CNBC's “Squawk Box” that bitcoin could reach as bitcoin-150000-40-correction/” rel=”nofollow”>up to $150,000 this year. Their belief that btc could rise to this price level is due to the fact that demand is improving with the bitcoin-etfs-record-2-2-billion-inflow-in-past-week/” rel=”nofollow”>bitcoin Spot ETF. These funds are known to have achieved significant success. bitcoin-etfs-approved-by-us-sec/” rel=”nofollow”>since launchsomething that has positively impacted the price of bitcoin.
Lee alluded to the bitcoin-bull-market-glassnode/” rel=”nofollow”>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 event occurs. Interestingly, industry expert Anthony Pompliano bitcoin-at-a-faster-rate/” rel=”nofollow”>recently highlighted how the demand for btc was outstripping its supply.
This trend is expected to continue once the Halving occurs, as the amount of bitcoin-supply-shock-57-of-btc-hasnt-moved-2-years/” rel=”nofollow”>Mined btc daily will be drastically reduced. Meanwhile, spot bitcoin ETFs and other institutional investors are expected to continue accumulating crypto tokens without hesitation.
Lee also noted that monetary easing, expected this year, would be favorable for a risk asset like bitcoin. With inflation cooling, the Federal Reserve is expected to reduce interest rates. This will undoubtedly provide a bullish narrative for bitcoin as investors are expected to double down on their investment in the crypto token once this happens.
btc still heading towards $500,000
bitcoin-still-good-investment-but-why/” rel=”nofollow”>Tom Lee had foretold During an appearance on Squawk Box in January of this year, btc would rise to $500,000 in the next five years. He once again reaffirmed this prediction during his most recent appearance on CNBC. According to him, “bitcoin is solid money and is proving to be useful,” making this price level achievable.
Explaining the utility of bitcoin, he stated that the crypto token has been a great store of value and also a good risk asset. He added that btc is “bitcoin-is-king-of-security/” rel=”nofollow”>incredibly safe”as there has been a problem of fraudulent entry on the blockchain bitcoin-celebrates-13-years-since-the-genesis-block/” rel=”nofollow”>since its conception. The same cannot be said for banking institutions, which Lee noted conduct many fraudulent transactions.
When asked how bitcoin is used bitcoin-holdings/” rel=”nofollow”>nefarious activitiesHe highlighted how the Dollar is used for a large percentage of the crimes that are committed, and no one questions its usefulness.
At the time of writing, bitcoin is trading at around $51,800, up in the last 24 hours, according to bitcoin/” rel=”nofollow”>data from CoinMarketCap.
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2024/02/Fundstrat-Executive-Predicts-Bitcoin-Will-Hit-150000-Here39s-When" alt="Tradingview.com bitcoin Price Chart” width=”3286″ height=”1530″ loading=”lazy”/>
btc price at $51,900 | Source: BTCUSD on Tradingview.com
Featured image from CoinMarketCap, chart from Tradingview.com
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