$150K Bitcoin Price ‘Base Case’ By 2024 – Tom Lee
Bitcoin (BTC) is on track to hit $150,000 by 2024, according to veteran crypto market analyst Tom Lee.
In an interview on CNBC earlier in May, Lee, managing partner and head of research at Fundstrat Global Advisors, came out with his latest BTC price prediction.
Lee reiterates his 150,000 BTC price target
Bitcoin has had no shortage of bullish price targets this week, but some observers are focusing on the long term.
Lee is one of them, indicating that Fundstrat sees a “base case” six-figure BTC price in 2024.
“Bitcoin, we think, is still in its infancy, so the idea that it will reach $150,000 this year is still in our fundamentals,” he said.
Such a price would more than double the current highs reached in March before returning to $56,000 in early May.
Lee explained his reasoning by pointing to macroeconomic changes coming from the United States.
The Federal Reserve's language regarding interest rates — a key issue for risk-asset traders — is “more ambiguous than the market needs to be.”
“I think that's why the markets are recovering,” he pointed out.
Lee is well known in crypto circles for his BTC price predictions, not all of which are true. In the long run, he implied to followers on X, being long cost BTC.
Discussing Fundstrat's investment thesis, he wrote, “Education: Being intellectually stubborn pays off.”
BTC/USD traded around $70,000 at the time of writing on May 23, according to data from Cointelegraph Markets Pro and TradingView, up 15% month-over-month.
Risk assets face uncertain times.
The latest estimate from CME Group's FedWatch Tool shows that markets believe only a rate cut will happen at the Fed's September meeting — not earlier.
Related: ETFs Buy 3X New BTC Supply — 5 Things to Know in Bitcoin This Week
The last meeting of the Federal Open Market Committee, or FOMC, in May underscored the idea that no policy direction is off the table.
“Participants discussed whether to maintain the current restrictive policy stance for a longer period of time, with inflation moving towards 2 percent on a sustained basis, or to ease policy restrictions in the event of an unexpected weakening in labor market conditions.”
“Different participants are interested in further strengthening the policy, inflation, such a move may occur in an appropriate way.”
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
