Fundstrat’s head of analysis, Thomas “Tom” Lee, has issued an astounding value prediction for the world’s largest cryptocurrency by market capitalization, Bitcoin (BTC).
Throughout an look on the most recent episode of CNBC’s Squawk Field, Lee forecasted that the worth of Bitcoin would triple this 12 months to round $150,000.
.@fundstrat’s Tom Lee expects shares to say no within the first half, however hasn’t seen indicators of a near-term prime but. He joins to debate: pic.twitter.com/bBsyAN8foC
— Squawk Field (@SquawkCNBC) February 21, 2024
3 Elements That Might Propel Bitcoin Worth Surge to $150K
Curiously, the highest analyst highlighted three components that would push Bitcoin to the projected $150,000 value goal.
Bitcoin ETFs to Enhance BTC Demand
First, he speculated that demand for Bitcoin would proceed to spike following the launch of a number of Bitcoin exchange-traded funds (ETFs) within the U.S.
For the reason that SEC accepted the launch of 11 Bitcoin spot ETFs on January 11, a number of market specialists, together with former CEO of BitMEX Arthur Hayes, consider these funds might appeal to billions of investments from TradFi. Thus far, Bitcoin ETFs have seen over $5 billion in web influx since their debut in January.
Per Lee, the large influx in Bitcoin ETFs would contribute considerably to bolstering BTC’s demand.
– Commercial –
Upcoming Halving
Moreover, Lee highlighted the upcoming Bitcoin Halving occasion because the second issue that would drive the BTC value to $150,000 this 12 months.
For context, the following Bitcoin Halving is slated to happen in April 2024. After the occasion, Bitcoin miners’ rewards shall be slashed to three.125 BTC from the present 6.25 BTC. The rationale behind the quadrennial occasion is to counteract extreme inflation throughout the Bitcoin ecosystem.
Potential Discount of Curiosity Charges
The third cause that would propel Bitcoin to hit the $150,000 goal this 12 months, based on Lee, is the potential discount of rates of interest by the Federal Reserve.
Recall that in December, Fed’s policymakers predicted that they anticipate to chop rates of interest by the tip of 2024. In response to the policymakers, a projection of three quarter-point price cuts might occur in direction of the tip of the 12 months.
Lee believes that reducing rates of interest would profit Bitcoin and different dangerous belongings.
{Dollars} Utilized in Illicit Trades Than BTC
Moreover predicting a spike in BTC value, Lee additionally debunked claims by crypto critics who counsel that Bitcoin is especially used for illicit actions.
Some well-known Bitcoin critics who help this notion embody Senator Elizabeth Warren and JPMorgan CEO Jamie Dimon. Whereas debunking these claims, Lee identified that malefactors use the U.S. greenback extra in illicit transactions in comparison with BTC.
Within the meantime, Bitcoin was buying and selling at $51,233, down 0.1% over the previous 24 hours. With Lee anticipating Bitcoin to hit a goal of $150,000 this 12 months, the highest asset would wish to surge 192.78% from its present value.
Wealthy Dad Poor Dad Writer Sees Bitcoin Hitting $100K in June
In the meantime, Lee is the most recent monetary professional who expects Bitcoin to hit six figures this 12 months. As reported earlier, prime monetary professional Robert Kiyosaki, the writer of the private monetary literacy information “Wealthy Dad Poor Dad,” additionally shared an identical sentiment.
Notably, Kiyosaki predicted that Bitcoin value would spike to $100,000 in June, two months after the halving occasion.
Disclaimer: This content material is informational and shouldn’t be thought-about monetary recommendation. The views expressed on this article could embody the writer’s private opinions and don’t mirror The Crypto Primary’s opinion. Readers are inspired to do thorough analysis earlier than making any funding choices. The Crypto Primary will not be answerable for any monetary losses.
-Commercial-
