Tom Lee, head of research at FundStrat, says there is a big future for 2024. Bitcoin made a price prediction. In this context, the asset is expected to more than double its previous all-time high. did.
Speaking on CNBC’s Squawk Box program on February 21, the American entrepreneur stated that he thinks the BTC price will reach $ 150,000 this year.
Lee cited three main reasons to support his bold price prediction:
“Demand is rising with new ETFs, supply is shrinking with the halving, and if monetary policy eases as we expect, that would be supportive for risky assets.” he stated.
Tom Lee says #bitcoin is sound money and shares his price predictions. pic.twitter.com/CF5HCukoot
— Michael Saylor⚡️ (@saylor) February 21, 2024
NEWS CONTINUES BELOW
Will the Bitcoin Rally Continue?
BTC reached the $52,000 resistance with a 30% rise in the last 30 days. This development also attracted the attention of investors. However, Lee stated that “Bitcoin is surviving.” He then added, “I don’t think a decline will start this soon.”
Lee answered the question about Bitcoin’s performance in the next five years. “This is solid money and I think it is proving to be useful,” he stated.
“It’s been a great store of value,” Lee said. It has been a good risk asset and is also incredibly safe. There has not been a single fraudulent entry into the blockchain since its inception. “I don’t think any bank can say this is true for their accounting,” he said.
Lee has long been a Bitcoin bull and predicted the asset would reach $200,000 in the next few years.
In the same interview, co-host Andrew Sorkin was ridiculed for thinking the price of a store of value should remain the same.
Moron of the day goes to @andrewrsorkin for thinking a store of value needs to stay the same price. #Bitcoin pic.twitter.com/gGvGkY3b71
— Magoo PhD (@HodlMagoo) February 21, 2024
BTC Price View
Technical analyst “Emperor” highlighted the main support zones that are leaning towards a market correction. There is a key support at $49,000, which if broken could lead to further declines and “major declines”.
Bitcoin Price Update
1. Previous Month’s (January) High Remains a very important retest level. This level was retested as support after breakout before the push to $53,000.
2. Range Low on LTF has been swept right now. Let’s see if this liquidity is enough to push price… pic.twitter.com/WKiAKtYQmI
— Emperor👑 (@EmperorBTC) February 21, 2024
At press time, the asset is trading at $51,507, down 1% on the day. However, it continues its course in the intra-range channel formed during the past week.
Crypto While market capitalization remains above $2 trillion, major assets are slowly starting to cool down after a frothy week. Many assets such as Ethereum, Solana, Ripple and Cardano lost several percent of their value. Currently only BinanceCoin shows positive performance.
