"The Prophet" Tom Lee Predicts Bitcoin Price to Reach $150,000 This Year
Bitcoin has led the cryptocurrency market growth in the first two months of 2024. The "hot" market has also sparked the appearance of analysts making predictions about future prices.
Appearing on CNBC's Squawk Box on February 21, 2024, Tom Lee, founder of Fundstrat Global Advisors and a familiar name in the forecasting community, predicted:
"Improved demand from the participation of new Bitcoin spot ETFs. Supply will decrease after the upcoming Halving.
And if monetary policy loosens as we predict, it will support the growth of risk assets."
With these reasons in mind, Tom Lee predicts that BTC could rise to $150,000 this year.
While not a famous billionaire or a trading prodigy, Tom Lee and his market research company Fundstrat Global Advisors have supported the industry for many years.
Since entering the crypto space, Tom Lee has regularly offered Bitcoin price predictions, most of which are considered overly optimistic, if not "sky-high". This has led to criticism and ridicule at times. However, he remains a staunch financial analyst supporting Bitcoin and highlighting the role of cryptocurrencies.
"The dollar is used for more illicit activities," says @fundstrat’s Tom Lee on $BTC being used for illegal purchases. "Criminals don't trust anybody, but they trust bitcoin." pic.twitter.com/ysgaMs7JYC
— Squawk Box (@SquawkCNBC) February 21, 2024
Lee remains optimistic:
"Bitcoin is on the rise. I don't think a downturn will start so soon."
However, other analysts are less optimistic.
Joel Kruger, strategist at LMAX Group, suggests caution in the short term. He notes that changes in Fed policy and global economic downturns could affect the crypto market in the near future.
If the market corrects, it will be an opportunity for investors to accumulate positions.
Analysts at Swissblock believe the big picture for BTC is still upward, but there may be corrections before continuing the upward trend.
"The market sentiment is currently very positive, supporting the upward trajectory. However, the market may need a correction, possibly retracing to the support level at $47,500.
This correction would reduce excessive price volatility seen in recent days, reinforcing market stability to continue the upward trend."
BTC is trading around $51,500, slightly down from its yearly high of $53,000 on February 20.
Chart: 1-hour BTC/USDT pair on Binance at 01:20 PM on February 22, 2024.
