Fundstrat co-founder Thomas J. Lee predicted Bitcoin’s 2024 high of $150,000 due to supply and demand dynamics and spot ETFs.
In a CNBC interview, Lee said Bitcoin (BTC) could triple its current market price this year. BTC was trading around $51,000 on February 21, per CoinMarketCap. If Lee’s claims are proven true, the price of Bitcoin could double from its all-time high of $69,000.
Lee is a financial veteran who has held top positions at JPMorgan Chase, the largest U.S. bank, and investment bank giant Salomon Smith Barney. He has been ranked among the top institutional investors annually since 1998 and boasts 25 years of equity research expertise.
Bitcoin halving, price rises as ETF demand emerges
According to Fundstrat founding members, Bitcoin is “sound money,” acts as a store of value, and has one of the best anti-fraud technology frameworks on the planet. Lee pointed out that there has not been a single fraudulent entry on the BTC blockchain since its inception in January 2009.
BTC may also see increased demand following the launch of a spot Bitcoin ETF. This asset class has reached approximately $15 billion in AUM and $5 billion in cumulative net inflows in less than two months of trading.
Lee said the BTC halving is another catalyst for price increases. Halving events reduce Bitcoin mining rewards by 50% every four years to maintain scarcity and offset inflation. This also means that there will be fewer new BTC tokens in circulation after the halving. The half-life is expected to take place in April.
Fundstrat’s Lee believes these two factors will lead to a rise in the price of BTC by the end of the year. The leading cryptocurrency is already up 20% year-to-date, according to TradingView, after rising more than 150% last year. Crypto analyst Ali Charts also said whales have been steadily accumulating coins despite volatility and profit-taking.
They started buying BTC around $29,000 and accelerated their purchases when the price exceeded $46,000. This collective action suggests confidence in the market’s potential for further gains despite minor short-term corrections.
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