Bitcoin Predicted to Hit $150,000 by 2024, Says Crypto Analyst Tom Lee
Summary:
Tom Lee, a veteran crypto market analyst, has predicted Bitcoin (BTC) to reach $150,000 by 2024. In an interview on CNBC, Lee, associated with Fundstrat Global Advisors, attributed this estimate to Bitcoin's early growth cycle status and forthcoming macroeconomic changes in the United States, particularly interest rate cuts. The article emphasizes that investment and trading always involve risks and urges readers to carry out their own detailed research.
Tom Lee, a well-seasoned crypto market analyst, recently predicted that Bitcoin (BTC) could reach a staggering $150,000 by 2024. This forecast was made while speaking on CNBC earlier this month. Lee, who works as the head of research and the managing partner at Fundstrat Global Advisors, has previously offered numerous bullish price predictions for the cryptocurrency.
He noted that while the market views are promising for Bitcoin's short-term growth, it's the long-term views that are really catching their attention. He explained that Bitcoin is still in the early stages of a growth cycle, hence the possibility of reaching a six-figure value within the year seems quite feasible.
To achieve this price point, Bitcoin would need to double its current all-time highs that were set before a regression to $56,000 at the beginning of this month. Lee attributes future growth to possible macroeconomic alterations in the United States, particularly with regard to the Federal Reserve's guidance on interest rate reductions. Interestingly, he posits that these potential reductions are more conservative than the current market landscape anticipates.
Having earned a reputation in crypto communities for making price predictions, he acknowledges that not all of his forecasts have been accurate. However, he hinted in a discussion that in the long run, holding BTC has proven to be financially rewarding.
For the present, it appears the possible timing of risk assets remains uncertain. Current market sentiment, as per the CME Group’s FedWatch Tool, suggests that a rate cut is most likely to occur in the Fed’s scheduled meeting for September. Furthermore, the latest FOMC meeting also underlined the fact that all policy directions are on the table, with a readiness to tighten policy if inflation risks materialize suitably.
Despite being a news piece, this article does not present financial advice or suggest trading moves. It warns that readers should undertake their own investigations to make informed decisions because investing and trading involve risks.
Published At
5/23/2024 3:07:21 PM
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