- Thomas Jong Lee, CEO of Fundstrat, predicts Bitcoin could reach $150,000 during the 2024 crypto market cycle.
- Despite recent market volatility, Lee remains confident in Bitcoin’s long-term value.
- Lee also discusses the potential impact of the US inflation rate and FED rate cuts on Bitcoin’s price.
Thomas Jong Lee, CEO of Fundstrat, maintains a bullish stance on Bitcoin, predicting a potential surge to $150,000 in 2024 despite recent market volatility.
Bitcoin Could Go Parabolic In 2024
During a recent interview on Squawk Box, CNBC, Lee expressed strong confidence that Bitcoin would experience a dramatic surge before the end of 2024. He predicts that Bitcoin, currently priced at $62,371, will exceed previous all-time highs and reach $150,000. Lee’s ambitious forecast comes at a time when the market has been experiencing significant volatility and periods of fluctuations.
Factors Point To Upward Momentum After FED Rate Cut
While making his bullish projections about Bitcoin, Lee also discussed the present inflationary situation and economic conditions of the United States. According to the Fundstrat CEO, inflation in the US is set to cool off dramatically, potentially triggering an upward momentum for Bitcoin if this happens. The CEO disclosed that the Federal Reserve (FED) currently has more leeway to cut rates, which could impact the country’s banking balance sheet and potentially trigger a drop in the US inflation rate by the second half of 2024.
Bitcoin’s Long-Term Value Amid Market Volatility
Despite the upheaval in the broader crypto market, Lee remains optimistic about Bitcoin’s long-term value. His unwavering confidence in the cryptocurrency’s robust price fundamentals is reflected in his expectations of a potential price surge to or even exceeding half a million in the coming years. Bitcoin has previously surged to an all-time high above $73,000 in March, propelled by the hype and demand for Spot Bitcoin ETFs. However, after Bitcoin halving on April 20, BTC witnessed a dramatic drop, falling as low as $57,000 at some point in May.
Conclusion
Overall, the Fundstrat CEO has maintained an optimistic outlook for inflationary pressures in the US, with Bitcoin typically serving as a hedge against inflation and a store of value during these periods of economic uncertainty. Despite recent market volatility, Lee’s predictions suggest a promising future for Bitcoin, potentially reaching a price of $150,000 in 2024.
