Fundstrat CEO Reaffirms Bullish Bitcoin Prediction as BTC Approaches All-Time Highs
The chief executive of market insights platform Fundstrat is standing by his optimistic year-end forecast for Bitcoin (BTC), despite the controversy surrounding the cryptocurrency. In an interview with CNBC, Tom Lee explains that BTC represents trust in a trustless world, which can be difficult for older investors who are accustomed to traditional financial systems.
Despite this, Lee predicts that BTC will soon surpass its previous all-time high of over $69,000, which was reached in November 2021. He believes that BTC could even surge up to $150,000 before the end of 2024. Lee attributes this bullish outlook to several factors:
- Looser monetary policy
- The upcoming Bitcoin halving in April
- The increased demand from new spot BTC exchange-traded funds (ETFs)
Lee points out that Bitcoinโs fundamentals and structural support are stronger now than they were three years ago when the previous all-time high was set. He expects Bitcoin to continue on its long-term trendline, reaching $82,000 in the near term and potentially exceeding $150,000 by the end of this year.
Bitcoin Price Update
At the time of writing, Bitcoin is trading at $63,363. Although it briefly reached $68,756 on Tuesday, it has since declined by over 7% in the past 24 hours.
Hot Take: Bitcoinโs Future Outlook
Tom Leeโs optimistic prediction for Bitcoinโs price indicates his confidence in the digital assetโs long-term potential. Despite its controversial nature and resistance from traditional investors, BTC continues to gain momentum and attract attention as a viable investment option. As the market evolves and Bitcoinโs fundamentals strengthen, Lee believes that the cryptocurrency will surpass its previous all-time high and continue to climb to even greater heights.