The chief executive of market insights platform Fundstrat is doubling down on his bold year-end prediction for Bitcoin (BTC).
In a new interview on CNBC, Tom Lee says BTC is controversial because it “represents trust in a trustless world,” which makes it difficult to stomach for older investors who are used to private banks and investments that were developed inside the traditional financial system.
Nonetheless, the CEO predicts the top crypto asset by market cap will soon surpass its all-time high of more than $69,000, which it set back in November 2021.
According to Lee, BTC can surge up to $150,000 before the end of 2024.
“The old high, which was three years ago, was in a time when Bitcoin’s fundamentals and the structural support around it wasn’t as strong as it is today.
I think it’s just a matter of time before that all-time high fails, and I think Bitcoin makes a beeline back towards its long-term trendline, which is probably $82,000 near-term, $150,000 before year-end and of course much, much higher in the future.”
Lee has previously said that looser monetary policy, Bitcoin’s upcoming halving in April, and the increased demand stemming from the new spot BTC exchange-traded funds (ETFs) are creating upward momentum for the flagship digital asset.
Bitcoin is trading at $63,363 at time of writing. The top-ranked crypto asset by market cap briefly reached $68,756 on Tuesday but is now down more than 7% in the past 24 hours.
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