During a recent interview with the investment research firm Fundstrat Global Advisors’ Managing Partner and Head of Research, Tom Lee predicted that Bitcoin (BTC) is likely to perform well in the remaining time of 2024, with a potential price reaching $150,000 this year.
In a recent interview on CNBC, Tom Lee mentioned one reason for his bullish outlook on Bitcoin is the resolution of Mt.Gox, the collapsed Bitcoin exchange, returning funds. The trustee overseeing the Mt.Gox reorganization announced last month that the exchange will begin repaying creditors in Bitcoin and Bitcoin Cash (BCH) starting early July this year. According to data from the online intelligence platform Arkham, Mt.Gox wallets collectively hold approximately 141,000 Bitcoins (worth $8.93 billion), with some long-standing concerns that this event could adversely impact Bitcoin.
Tom Lee stated on CNBC:
Lee had previously indicated in January this year that with the approval of Bitcoin exchange-traded funds (ETFs), there could be a significant increase in demand for Bitcoin. At that time, he forecasted that the price of Bitcoin could surpass $100,000 this year, potentially reaching $150,000. As of the time of this publication, Bitcoin is trading at around $63,000, marking a 48% increase since the beginning of the year.
During the interview, Tom Lee also predicted that the overall stock market would be higher by the end of the year compared to current levels, although he believed that the second half of the year might not see as strong of an increase as the first half.
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