Bitcoin is projected to surge to as high as $150,000 by year-end, as indicated by Tom Lee, a research analyst at CNBC. Lee, who serves as the Head of Research at FS Insights, shared this forecast during a recent CNBC segment. Renowned for his bullish stance on Bitcoin, Lee’s expertise extends beyond cryptocurrency, earning him recognition in financial circles.
The ascent towards the $150,000 mark is attributed by Lee to the expanding base of Bitcoin owners, encompassing both institutional and retail investors. This broadening ownership validates Bitcoin’s status as a legitimate asset class.
Following Lee’s prediction, Bitcoin has already experienced a 3% increase, surpassing the $70,000 threshold after a period of stagnation below this crucial level.
Is $150k Bitcoin a Realistic Prediction?
Achieving Lee’s $150,000 target necessitates a 114% surge from current levels over the next seven months, a feasible proposition amid the ongoing bullish trend in the digital currency market.
However, given the intricacies of the prevailing economic landscape, reaching the coveted $150,000 milestone by December 31, 2024, remains uncertain. While bullish sentiments prevail, success could prolong the bullish trend, potentially propelling Bitcoin’s value to $200,000 or beyond within this cycle.
The current status of Bitcoin
At present, Bitcoin is trading slightly above the critical $70,000 support level, showcasing resilience after recovering from recent losses endured over the past 2-3 months. Yet, the market sentiment remains cautious as Bitcoin encounters resistance around the $70,000 mark, suggesting a potential delay in overcoming this hurdle. The resumption of the long-term bullish trend is anticipated upon Bitcoin surpassing a new All-Time High (ATH) beyond $73,500 in the forthcoming months. Failure to achieve this milestone may exert undue pressure on upward market momentum, influencing sentiment adversely.
