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 predicted that the world’s largest cryptocurrency could surge massively, doubling its current price to 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 down on his previous Bitcoin forecast, expressing strong confidence that the pioneering cryptocurrency would experience a dramatic surge before the end of 2024. He predicts that Bitcoin, currently priced at $62,371, according to CoinMarketCap, will exceed previous all-time highs and reach $150,000.
Related Reading: Can Ethereum Reclaim $4,000? Fragile Fundamentals Threaten To Send ETH Crashing
The Fundstrat CEO disclosed earlier in April in an interview with CNBC Television, that “Bitcoin would definitely make new all-time highs this year,” predicting that the cryptocurrency could surge to $150,000 in 2024, and $500,000 long term.
He highlighted that the strong demand for BTC has been fueling its price increase. Furthermore, the integration of the Rune Protocol, a new token standard for issuing fungible tokens on the Bitcoin network, has also bolstered the blockchain’s network.
Lee’s ambitious forecast of Bitcoin comes at a time when the market has been experiencing significant volatility and periods of fluctuations. Bitcoin previously surged to an all-time high above $73,000 in March, propelled by the hype and demand for Spot Bitcoin ETFs.
However, after Bitcoin halving on April 20, which many analysts and investors believed would trigger another price rally, BTC witnessed a dramatic drop, falling as low as $57,000 at some point in May.
Despite the upheaval in the broader crypto market, Lee remains optimistic about Bitcoin’s long-term value. His unwavering confidence in the cryptocurrency’s robust price fundamentals is reflected in his expectations of a potential price surge to or even exceeding half a million in the coming years.
Factors Point To Upward Momentum After FED Rate Cut
While Lee made his bullish projections about Bitcoin, he also discussed the present inflationary situation and economic conditions of the United States. According to the Fundstrat CEO, inflation in the US is set to cool off dramatically, potentially triggering an upward momentum for Bitcoin if this happens.
Related Reading: Here’s How This Ethereum Whale Made $16 Million From A Single Trade
The CEO disclosed that the Federal Reserve (FED) currently has more leeway to cut rates, citing their impacts on the country’s banking balance sheet. Although he refrained from specifying a precise timeline for the drop in the US inflation rate, Lee indicated that it could potentially occur by the second half of 2024.
Overall, the Fundstrat CEO has maintained an optimistic outlook for inflationary pressures in the US, with Bitcoin typically serving as a hedge against inflation and a store of value during these periods of economic uncertainty.
BTC price continues to fluctuate | Source: BTCUSD on Tradingview.com
Featured image from CNBC, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Credit: Source link
