Bitcoin
Fundstrat CEO Predicts When Bitcoin Price Will Hit $150,000 and $500,000
Thomas Jong Lee, the Chief Executive Officer (CEO) of Fundstrat, an independent financial research boutique, maintained a bullish stance on Bitcoin. The financial analyst has foreseen that the world’s largest cryptocurrency could rise enormously, doubling its current price to reach US$150,000 during the 2024 crypto market cycle.
Bitcoin Could Go Parabolic in 2024
During a recent interview on Squawk Box, CNBC on May 7, Lee doubled his previous amount Bitcoin Forecastexpressing strong confidence that the pioneering cryptocurrency would experience a dramatic rise before the end of 2024. He predicts that Bitcoin, currently priced at $62,371according to CoinMarketCap, it will surpass previous highs and reach $150,000.
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The CEO of Fundstrat released in early April, in an interview with CNBC Television, that “Bitcoin would definitely reach new highs this year,” predicting that the cryptocurrency could rise to $150,000 in 2024, and $500,000 long term.
He highlighted that strong demand for BTC has fueled its price increase. Furthermore, the integration of Rune Protocola new token standard for issuing fungible tokens on the Bitcoin network, also strengthened the blockchain network.
Lee’s ambitious Bitcoin prediction comes at a time when the market is experiencing significant volatility and periods of fluctuations. Bitcoin previously rose to a all time high above $73,000 in March, driven by enthusiasm and demand for Spot Bitcoin ETFs.
However, after Bitcoin halved on April 20, which many analysts and investors believed would trigger another price rally, BTC witnessed a dramatic falldropping to $57,000 sometime in May.
Despite the turmoil in the broader cryptocurrency market, Lee remains optimistic about Bitcoin’s long-term value. His unwavering confidence in the robust fundamentals of cryptocurrency prices is reflected in his expectations of a potential price increase to or even above half a million in the coming years.
Factors point to upward momentum after FED rate cut
While Lee was making his bullish projections about Bitcoin, he was also discussing the present inflationary situation and economic conditions in the United States. According to the CEO of Fundstrat, inflation in the US is expected to cool drastically, potentially triggering a upward momentum for Bitcoin If that happen.
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The CEO revealed that Federal Reserve (FED) currently has more leeway to reduce rates, citing their impact on the country’s bank balance sheet. While he refrained from specifying a precise timetable for the fall in the US inflation rate, Lee indicated that it could potentially occur by the second half of 2024.
Overall, the Fundstrat CEO maintained a bullish outlook for inflationary pressures in the US, with Bitcoin typically serving as a inflation protection it is a store of value during these periods of economic uncertainty.
BTC price continues to fluctuate | Source: BTCUSD on Tradingview.com
Featured image from CNBC, chart from Tradingview.com