Bitcoin Is ‘Sound Money’, Cites 3 Reasons Why BTC Will Touch $150,000 By 2024

Speaking on CNBC's Squawk Box on February 21, the American entrepreneur said he thinks Bitcoin prices will reach $150,000 this year.

Lee cited three reasons for his bullish price forecast, which sees the asset rise 190% from current levels.

“With the new ETFs you have improving demand, the supply is halving, and if monetary policy melts away from our expectations, that's good for risk assets.”

Tom Lee shares his #bitcoin is cool money and price prediction. pic.twitter.com/CF5HCukoot

— Michael Saylor⚡️ (@saylor) February 21, 2024

Will the Bitcoin Rally Continue?

The comments come as BTC appears to have reached $52,000 resistance following a 30% rally over the past 30 days.

However, Lee said, “I don't think it's going to start going down any time soon,” before adding that “Bitcoin is holding up.”

Asked about performance over the next five years, he said, “It's good money, and I think it's proving worthwhile.”

“It was a great store of value, it's a good risk resource, and it's incredibly secure. Since the inception of the blockchain, there hasn't been a single fraudulent entry and I don't think any bank can say it's true. Their account.”

Lee has been a long-term Bitcoin bull, predicting that the asset will reach $200,000 in the next few years.

In the same interview, co-anchor Andrew Sorkin mocked him for thinking the price tag should stay the same.

Moron of the day goes to @andrewrsorkin for thinking that a store of value should stay the same price. #Bitcoin pic.twitter.com/gGvGkY3b71

— Magoo PhD (@HodlMagoo) February 21, 2024

BTC Price Outlook

Technical analyst “Emperor” is inclined to correct the main support zones. There is a key support at $49,000 which, if broken, could lead to further declines and “major lows”.

Bitcoin price update

1. Last month's (January) high remains a very important retest level. This level was tested as support before a push to $53,000.

2. The range low on LTF has now been cleared. Let's see if this liquidity is enough to push prices up… pic.twitter.com/WKiAKtYQmI

— Emperor👑 (@EmperorBTC) February 21, 2024

At the time of writing, the property was trading at $51,507 at 1% per day. However, it remains in the range-bound channel that was formed last week.

Crypto market capitalization remains above $2 trillion, but the main assets are starting to cool down after a bubble week. Ethereum, Solana, Ripple and Cardano are all down two percent, and only Binance Coin is currently making gains.