Bitcoin (BTC) is expected to hit $150,000 in 2024, says veteran cryptocurrency market commentator Tom Lee.
In an interview with CNBC earlier this month, Lee, managing partner and head of research at Fundstrat Global Advisors, gave his latest bullish BTC price prediction.
Tom Lee Reaffirms $150,000 BTC Target Price
Bitcoin has no shortage of optimistic price targets this week, but some observers are focusing on the longer term.
For one, Lee said Fundstrat is seeing a “base case” six-figure BTC price this year.
“Bitcoin is still in the early stages of its upcycle, so the idea that it could hit $150,000 this year is still part of our base case,” he said.
Those prices would now be double the all-time highs hit in March before retreating to $56,000 earlier this month.
Explaining his reasoning, Lee Myung-bak pointed to macroeconomic changes coming from the United States.
The Fed’s language on interest rate cuts, a key issue watched by risk asset traders, is “more dovish than the markets.”
“I think this is how the market recovers,” he suggested.
Lee is well-known in the cryptocurrency world for his BTC price predictions, but not all of them have come to fruition. Longer term, he hinted to followers on X (formerly Twitter) this week that BTC has paid off.
The lesson: being intellectually stubborn is costly,” he wrote while discussing Fundstrat’s investment thesis.
BTC/USD was trading around $70,000 at the time of writing on May 23, according to data from Cointelegraph Markets Pro and TradingView, up 15% month-over-month.
The timing of risky assets is uncertain.
Meanwhile, the latest estimates from CME Group’s FedWatch Tool show that markets believe a rate cut is only the most likely option at the Fed’s September meeting.
Related: ETF Buys 3X New BTC Supply — 5 Things to Know in Bitcoin This Week
The latest minutes from the Federal Open Market Committee’s (FOMC) May meeting released this week further emphasized that no policy direction is off the table.
“Participants discussed maintaining the current restrictive policy stance for longer if there is no sign of easing policy curbs if inflation continues to move towards 2% or if labor market conditions weaken unexpectedly,” it said. Yes.
“Various participants noted their willingness to further tighten policy if inflation risks materialize in a way that makes such action appropriate.”
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.