Fundstrat co-founder Thomas J. Lee predicted a 2024 high of $150,000 for Bitcoin due to demand, supply dynamics, and spot ETFs.
During a CNBC interview, Lee opined that Bitcoin (BTC) could triple its current market price this year. BTC exchanged hands around $51,000 on Feb. 21 per CoinMarketCap. Bitcoin might also double in price from its all-time high of $69,000 if Lee’s assertion is proven true.
Lee is a financial veteran with prior top-ranking roles at America’s largest bank, JPMorgan Chase, and investment banking behemoth Salomon Smith Barney. He has ranked among the top annual institutional investors since 1998 and boasts 25 years of equity research expertise.
Bitcoin halving, spot ETF demand to drive price
According to the Fundstrat founding member, Bitcoin is “sound money”, serves as a store of value, and has arguably one of the best anti-fraud technological frameworks on the planet. Lee pointed out that there has not been a single fraudulent entry on BTC’s blockchain since its January 2009 inception.
BTC is also subject to increasing demand following the arrival of spot Bitcoin ETFs. This asset class has amassed nearly $15 billion in AUM and $5 billion in cumulative net inflows in less than two months of trading.
Lee said the BTC halving is another catalyst for price growth. The halving event reduces Bitcoin mining rewards by 50% every four years, maintaining scarcity and counteracting inflation. It also means that fewer new BTC tokens will enter circulation post-halving. The halving is widely expected by April.
Fundstrat’s Lee believes these two factors will culminate into greater BTC prices by year’s end. The leading cryptocurrency is already up 20% year-to-date, per TradingView, after leaping over 150% last year. Crypto analyst Ali Charts also said whales are accumulating coins steadily despite volatility and profit-taking.
They began purchasing BTC around $29,000 and accelerated their buying once the price surpassed $46,000. This collective action suggests confidence in the market’s potential for further gains despite minor short-term corrections along the way.
Ali Charts on X
Source: https://crypto.news/bitcoin-fundstrat-150k-2024/