1 week ago
Thomas Jong Lee, the Chief Executive Officer (CEO) of Fundstrat, an autarkic fiscal probe boutique, has maintained a bullish stance connected Bitcoin. The fiscal expert has predicted that the world’s largest cryptocurrency could surge massively, doubling its existent terms to reach $150,000 during the 2024 crypto marketplace cycle.
Bitcoin Could Go Parabolic In 2024
During a caller interview connected Squawk Box, CNBC connected May 7, Lee doubled down connected his erstwhile Bitcoin forecast, expressing beardown assurance that the pioneering cryptocurrency would acquisition a melodramatic surge earlier the extremity of 2024. He predicts that Bitcoin, presently priced astatine $62,371, according to CoinMarketCap, volition transcend erstwhile all-time highs and scope $150,000.
Related Reading: Can Ethereum Reclaim $4,000? Fragile Fundamentals Threaten To Send ETH Crashing
The Fundstrat CEO disclosed earlier successful April successful an interrogation with CNBC Television, that “Bitcoin would decidedly marque caller all-time highs this year,” predicting that the cryptocurrency could surge to $150,000 successful 2024, and $500,000 agelong term.
He highlighted that the strong request for BTC has been fueling its terms increase. Furthermore, the integration of the Rune Protocol, a caller token modular for issuing fungible tokens connected the Bitcoin network, has besides bolstered the blockchain’s network.
Lee’s ambitious forecast of Bitcoin comes astatine a clip erstwhile the marketplace has been experiencing important volatility and periods of fluctuations. Bitcoin antecedently surged to an all-time precocious above $73,000 successful March, propelled by the hype and request for Spot Bitcoin ETFs.
However, aft Bitcoin halving connected April 20, which galore analysts and investors believed would trigger different terms rally, BTC witnessed a dramatic drop, falling arsenic debased arsenic $57,000 astatine immoderate constituent successful May.
Despite the upheaval successful the broader crypto market, Lee remains optimistic astir Bitcoin’s semipermanent value. His unwavering assurance successful the cryptocurrency’s robust terms fundamentals is reflected successful his expectations of a imaginable terms surge to oregon adjacent exceeding fractional a cardinal successful the coming years.
Factors Point To Upward Momentum After FED Rate Cut
While Lee made his bullish projections astir Bitcoin, helium besides discussed the contiguous inflationary situation and economical conditions of the United States. According to the Fundstrat CEO, ostentation successful the US is acceptable to chill disconnected dramatically, perchance triggering an upward momentum for Bitcoin if this happens.
Related Reading: Here’s How This Ethereum Whale Made $16 Million From A Single Trade
The CEO disclosed that the Federal Reserve (FED) presently has much leeway to chopped rates, citing their impacts connected the country’s banking equilibrium sheet. Although helium refrained from specifying a precise timeline for the driblet successful the US ostentation rate, Lee indicated that it could perchance hap by the 2nd fractional of 2024.
Overall, the Fundstrat CEO has maintained an optimistic outlook for inflationary pressures successful the US, with Bitcoin typically serving arsenic a hedge against inflation and a store of value during these periods of economical uncertainty.
Featured representation from CNBC, illustration from Tradingview.com
Disclaimer: The nonfiction is provided for acquisition purposes only. It does not correspond the opinions of NewsBTC connected whether to buy, merchantability oregon clasp immoderate investments and people investing carries risks. You are advised to behaviour your ain probe earlier making immoderate concern decisions. Use accusation provided connected this website wholly astatine your ain risk.
English (US) 