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Home»BLOCKCHAIN NEWS»Tom Lee predicts a $150,000 goal.
BLOCKCHAIN NEWS

Tom Lee predicts a $150,000 goal.

By Crypto FlexsMarch 10, 20243 Mins Read
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Tom Lee, founder and head of research at FundStrat Global Advisors, once again expressed his extremely bullish outlook for Bitcoin (BTC).

In an interview with CNBC, Lee predicted Bitcoin’s impressive upside potential, saying Bitcoin could rise to $150,000 in the next 12 to 18 months.

This forecast represents an increase of approximately 117% over the current state, captured against the backdrop of Bitcoin’s role as a safeguard against financial instability.

“I think the price of Bitcoin could exceed $150,000 in the next 12 to 18 months. But this is because the backdrop for BTC today is much more favorable.”

Lee highlighted three factors supporting his bullish outlook, highlighting the growing demand for cash exchange-traded funds (ETFs) as a key driver.

According to Lee, enthusiastic investment flows into spot Bitcoin ETFs along with the upcoming Bitcoin halving event create a ripe environment for Bitcoin’s value to rise.

The halving event is poised to reduce new supply of cryptocurrency.

Lee specifically pointed to new inflows into spot Bitcoin ETFs, such as BlackRock, which recently rose by nearly $800 million. He explained to CNBC that risky assets are likely to be supported by increased demand due to the introduction of new ETFs, decreased supply due to the halving, and expected easing of monetary policy.

He also noted that the assets of these ETFs surpassed $28 billion, surpassing those of the Grayscale Bitcoin Trust ETF (GBTC) for the first time. This milestone signals strong institutional interest in Bitcoin.

Lee detailed the supply-demand mismatch, especially ahead of the Bitcoin halving event, where price surges are expected to exacerbate this imbalance.

In terms of regulation, Prime Minister Lee expressed an optimistic view. He suggested that Bitcoin may have already passed its most difficult phase of regulatory challenges in the past 18 months.

He suggested that it is unlikely that regulatory issues for Bitcoin will intensify further, given the intensity of regulatory action the cryptocurrency industry has experienced over the past 12 to 18 months.

This prediction comes at a time when Bitcoin has shown some cooling after hitting a new all-time high of $70,083 on March 8. Despite the slight decline below the $68,300 threshold, Bitcoin’s resilience remains notable.

Bitcoin 24-hour price chart | Source: CoinGecko

As of this writing, the price of the coin has risen 1.5% in 24 hours. Bitcoin traded at $69,308, according to data from CoinGecko. Volume fell nearly 39% during the period, ending the day with a value of $31,576,168,688.

Lee’s insights into Bitcoin’s potential trajectory provide a shining beacon for optimistic investors and a fascinating storyline in the dynamic world of cryptocurrency.

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