Bitcoin is on track to hit $150,000 in 2024, says veteran crypto market commentator Tom Lee.
Lee reiterates $150,000 BTC price target
Bitcoin has no shortage of optimistic price targets this week, but some observers are focusing on the long term.
Lee is among them, revealing that Fundstrat sees a “base case” six-figure BTC price in 2024.
“Bitcoin’s still, we think, early in an upcycle, so the idea that it could get to $150,000 this year is still within our base case,” he said.
Such a price would be double the current all-time highs, which hit in March before retreating to $56,000 at the start of May.
Lee explained his reasoning by pointing to macroeconomic changes coming from the United States.
The Federal Reserve’s language on interest rate cuts — a key issue watched by risk-asset traders — is “more dovish than where the market is.”
“I think that’s the process of why markets are recovering,” he suggested.
Lee is well known in crypto circles for his BTC price predictions, not all of which have come true. In the long run, he implied to followers on X, being long BTC has paid off.
“LESSON: being intellectually stubborn is costly,” he wrote while discussing Fundstrat’s investment thesis.
Lee reiterates $150,000 BTC price target
Bitcoin has no shortage of optimistic price targets this week, but some observers are focusing on the long term.
Lee is among them, revealing that Fundstrat sees a “base case” six-figure BTC price in 2024.
“Bitcoin’s still, we think, early in an upcycle, so the idea that it could get to $150,000 this year is still within our base case,” he said.
Such a price would be double the current all-time highs, which hit in March before retreating to $56,000 at the start of May.
Lee explained his reasoning by pointing to macroeconomic changes coming from the United States.
The Federal Reserve’s language on interest rate cuts — a key issue watched by risk-asset traders — is “more dovish than where the market is.”
“I think that’s the process of why markets are recovering,” he suggested.
Lee is well known in crypto circles for his BTC price predictions, not all of which have come true. In the long run, he implied to followers on X, being long BTC has paid off.
“LESSON: being intellectually stubborn is costly,” he wrote while discussing Fundstrat’s investment thesis.