- Amidst the strong momentum in Bitcoin’s price, Tom Lee, often known as the “Wall Street Bull,” has made a bold prediction about the future of the cryptocurrency.
- Lee believes that Bitcoin is ready to return to its long-term trend line and forecasts a price target of $82,000 in the near term.
- This prediction adds to the overall optimism about Bitcoin’s future, fueled by recent market dynamics and positive regulatory developments.
Tom Lee, the Head of Research at Fundstrat, has disclosed where he thinks the price of Bitcoin could go following its recent surge.
Tom Lee Shares Expectations for Bitcoin
Amidst the robust momentum in Bitcoin’s price, Tom Lee, widely known as the “Wall Street Bull,” has made a bold prediction about the future of the cryptocurrency. Specifically, Lee expects Bitcoin to reach $82,000 in the near future and potentially rise to $150,000 by the end of 2024. This optimistic outlook comes as Bitcoin approaches its all-time high and captures the attention of investors worldwide.
Tom Lee, the Head of Research at Fundstrat, recently shared his bullish perspective on the future of Bitcoin in a CNBC Last Call interview. Lee believes that Bitcoin is ready to return to its long-term trend line and forecasts a price target of $82,000 in the short term, followed by a potential increase to $150,000 by the end of 2024.
Meanwhile, these projections align with the current positive sentiment prevailing in the market, characterized by Bitcoin’s ongoing bull market phase. Particularly, Bitcoin surpassed the $68,000 level today, climbing close to the all-time high seen in November 2021, but experienced a slight retracement afterward.
In other words, Lee’s forecast carries significant meaning in the face of Bitcoin’s recent price increase and approaching the previous all-time high. The market capitalization of the cryptocurrency has surpassed $1.3 trillion, driven by factors such as increased investments in Bitcoin ETFs, expectations of the upcoming halving event, and growing investor interest in digital assets.
Despite the Bullish Prediction, Bitcoin Price
Lee’s optimistic projection of Bitcoin reaching $150,000 by the end of 2024 highlights the confidence in the long-term potential of the cryptocurrency. This forecast, coupled with recent market dynamics and positive regulatory developments, enhances overall optimism about Bitcoin’s future.
Moreover, the recent rally in Bitcoin’s price, supported by various factors such as significant BTC ETF inflows and the expectation of the upcoming Bitcoin halving event in April, indicates a resurgence.
In the midst of this positive momentum, Lee’s bullish perspective may further strengthen investor confidence, potentially leading to additional institutional entries and wider adoption of cryptocurrencies as a viable asset class.
As of the time of writing, the Bitcoin price was trading at $66,400.99, reflecting a 1.44% increase compared to yesterday, with a trading volume surging by 82.34% to $75.32 billion. On the other hand, Bitcoin Futures Open Positions (OI) increased by 6.27% in the last 24 hours, reaching 485.87K BTC or $32.39 billion. According to CoinGlass data, Bitcoin OI on the CME Exchange hit a peak with a 5.90% increase compared to yesterday, followed by Binance and Bybit.
