Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Fundstrat\u2019s head of research, Tom Lee has doubled down on his initial Bitcoin prediction, strongly emphasizing that the pioneer cryptocurrency will surge to $150,000. The Wall Street strategist highlighted Bitcoin\u2019s strong bullish outlook, believing that the cryptocurrency will eventually pull out of bearish trends soon. Bitcoin To Hit $150,000 In 2024 In a recent interview with CNBC Television, Lee expressed bullish optimism over Bitcoin\u2019s future outlook, reaffirming his previous prediction that the cryptocurrency would reach new all-time highs of $150,000 by the end of 2024.\u00a0 Related Reading: Bitcoin Investors Place $500 Million In Spot BTC Bids Below Market Price Earlier in May, Lee made a bullish forecast for Bitcoin, anticipating a dramatic surge to $150,000 before the year ends. At the time, the Fundstrat head of research attributed his ambitious forecast to the cooling down of inflation in the United States (US) and a subsequent increase in the demand for BTC. However, now Lee adds that BTC\u00a0could witness a sharp rebound following the conclusion of Mt Gox\u2019s Bitcoin repayment process to creditors. During the interview, Lee suggested that the upcoming Bitcoin redistribution by Mt Gox might be driving the bearish pressure on Bitcoin\u2019s price. Earlier in June, Mt Gox disclosed that it would officially start its $9 billion worth of BTC and Bitcoin Cash (BCH) repayment plans in July. The redistribution will see creditors being refunded and compensated for the Bitcoin exchange\u2019s hack attack in 2014.\u00a0 With $9 billion worth of BTC and BCH set to flood the market, speculations are rising concerning potential sell-offs from creditors. This sentiment has led to BTC’s downward spiral, triggering stronger selling pressures from investors.\u00a0 Bitcoin\u2019s price also fell below $60,000 at some point, recording even more declines as miners sold off their holdings to purchase more effective mining tools. Lee believes that following any Gox\u2019s repayment process, Bitcoin may have a \u201cpretty sharp rebound\u201d in the second half of the year.\u00a0 Bearish Trends May Be Over For BTC Bitcoin price has successfully crossed the $60,000 threshold and is now trading at $62,523, as of writing. Since early June, the cryptocurrency has experienced a sharp downward trend, crashing by up to 20% due to the substantial outflows from Spot Bitcoin ETFs.\u00a0 However, Bitcoin may be getting ready for a fresh upside as analysts foresee a major rebound as miners’ selling pressure cool off and the broader crypto market stabilizes. Related Reading: Dogecoin Flashes Major Bullish Signal On 3-Day Chart, Here\u2019s The Target Particularly, on-chain market intelligence platform, CryptoQuant has projected a potential upside for Bitcoin in the third quarter of 2024 (Q3). Furthermore, crypto analyst Ali Martinez has expressed bullish sentiment for BTC’s price prospects.\u00a0\u00a0 In an X (formerly Twitter) post, Martinez highlighted Bitcoin\u2019s underperformance in the previous month, describing this bearish event as a \u201cnegative June.\u201d Despite the downtrend, the analyst foresees a strong rebound for Bitcoin in July, with an average return of 7.98% and a possible price increase to $63,200 or $63,800.\u00a0 Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":627453,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[428,656,679,1119,89185,1122,1144,78790,13103,92684],"class_list":["post-627433","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt","tag-fundstrat","tag-fundstrats-head-of-research"],"acf":[],"yoast_head":"\n
Fundstrat\u2019s Head Of Research Says Bitcoin Will Reach $150,000, Here\u2019s When<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n