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Crypto News

Fundstrat’s Tom Lee Sees Potential For Bitcoin To Hit $150,000 This Year

Author

Jay Solano

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Tags Editor's Choice / Slider Posts

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2 mins
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Author

Jay Solano

Tags

Editor's Choice / Slider Posts

Reading time

2 mins
Last update

Author

Jay Solano

Tags

Editor's Choice, Slider Posts

Reading time

2 mins
Last update

tom lee

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Tom Lee, the head of research at Fundstrat Global Advisors, has made a series of recent statements, suggesting that Bitcoin could surge to as high as $150,000 within the current year.

Fundamental Factors Driving Bitcoin’s Potential

In a recent interview with CNBC, Lee’s confidence in Bitcoin’s potential stems from a combination of fundamental factors driving demand and supply dynamics within the crypto market.

He points to the introduction of new spot Bitcoin exchange-traded funds (ETFs), which are expected to bolster demand among institutional and retail investors alike, and the ongoing effects of the Bitcoin halving event, which reduces the rate at which new Bitcoins are generated, thereby curbing supply growth and potentially driving up prices.

He highlighted the significance of these catalysts, stating, “You have demand improving with the new ETFs, you have supply shrinking with the halving, and if monetary policy eases which we expect, that’s supportive for risk assets.”

Confidence Amidst Market Volatility

Despite Bitcoin’s recent stall in price over the past couple of days, Lee remains steadfast in his bullish outlook. He dismisses concerns of an imminent drawdown, noting Bitcoin’s resilience in the face of market fluctuations. While acknowledging short-term volatility, Lee maintains a long-term perspective, reiterating his forecast of Bitcoin reaching $500,000 over the next five years.

However, Lee’s bullish stance is not without its skeptics. Some analysts, such as Joel Kruger from LMAX Group, urge caution in the short term, citing potential volatility stemming from shifting central bank policies and global macroeconomic weakness. Nonetheless, Fundstrat’s analyst remains unwavering, as he sees Bitcoin’s potential to emerge as a significant store of value and risk asset in the broader financial landscape.