Thomas Jung Lee, the chief executive officer (CEO) of Fundstrat, an independent financial research boutique, maintained a bullish stance on Bitcoin. The financial analyst did And he expected The world's largest cryptocurrency could rise significantly, doubling its current price to Up to $150,000 During the 2024 cryptocurrency market cycle.
Bitcoin could become parabolic in 2024
During recent times interview On CNBC's Squawk Box on May 7, Lee doubled down on his previous Bitcoin forecastExpressing his strong confidence that the leading cryptocurrency will witness a major boom before the end of 2024. He expects that Bitcoin, currently Priced at $62,371According to CoinMarketCap, it will surpass its previous all-time highs and reach $150,000.
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CEO of Fundstrat a statement Earlier in April, in an interview with CNBC TV, he stated that “Bitcoin will definitely hit all-time highs this year,” predicting that the cryptocurrency will rise to $150,000 in 2024, and $500,000 long-term.
He highlighted that Strong demand for BTC This has fueled rising prices. Moreover, the integration between Rune Protocola new token standard for issuing fungible tokens on the Bitcoin network, has also strengthened the blockchain network.
Lee's ambitious predictions for Bitcoin come at a time of market uncertainty Big fluctuations and periods of fluctuations. Bitcoin has previously risen to a level Highest level ever More than $73,000 in March, driven by hype and demand Bitcoin ETFs.
However, yet Bitcoin halving On April 20, which was confirmed by many analysts and investors Believes That would lead to another price spike, as BTC saw a Dramatic declineand fell as low as $57,000 sometime in May.
Despite the turmoil in the broader cryptocurrency market, Lee remains optimistic about Bitcoin's long-term value. His firm confidence in the cryptocurrency's strong price fundamentals is reflected in his forecast of a potential price rise to or even exceeding half a million in the coming years.
Factors point to upward momentum following the Fed rate cut
While Lee gave his bullish predictions for Bitcoin, he also discussed the present Inflationary situation And the economic conditions of the United States. According to Fundstrat's CEO, US inflation is expected to cool significantly, which could lead to a crisis Bitcoin's bullish momentum If this happens.
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The CEO revealed that Federal Reserve (Federal Reserve Bank) The bank currently has more scope to cut interest rates, citing their effects on the country's banking balance sheet. Although he refrained from specifying a specific timetable for the decline in the US inflation rate, Lee indicated that it would likely happen by the second half of 2024.
Overall, the Fundstrat CEO maintained an upbeat outlook on inflationary pressures in the US, where Bitcoin typically acts as an alternative. Hedging against inflation And a Store of value During these periods of economic uncertainty.
BTC price continues to fluctuate | Source: BTCUSD on Tradingview.com
Featured image from CNBC, chart from Tradingview.com
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