thomas john lee, CEO of independent financial research organization Fundstrat, remains bullish on Bitcoin. Financial analysts are predicted The world's largest cryptocurrency soars significantly, potentially doubling its current price Reach $150,000 During the 2024 crypto market cycle.
Bitcoin could go parabolic in 2024
Recent interview On CNBC's Squawk Box on May 7, Lee doubled down on his previous remarks. Bitcoin predictions, expressing strong confidence that this pioneering cryptocurrency will experience a dramatic appreciation by the end of 2024. He said that Bitcoin is currently Price is $62,371According to CoinMarketCap, it will surpass its previous high and reach $150,000.
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Fundstrat CEO disclosed In an interview with CNBC TV in early April, he said, “Bitcoin will definitely hit a new all-time high this year,'' and predicted that the cryptocurrency could soar to $150,000 by 2024. $500,000 Long term.
He emphasized that: Strong demand for BTC This is spurring price hikes. moreover, rune protocola new token standard for issuing fungible tokens on the Bitcoin network also strengthened the blockchain network.
Lee's ambitious predictions for Bitcoin come at a time when the market is experiencing difficulties. significant volatility And a period of change. Bitcoin used to be Best ever It crossed $73,000 in March, driven by hype and demand. Spot Bitcoin ETF.
However, after that Bitcoin halving On April 20th, many analysts and investors believed it Will cause further price rise, BTC dramatic declinewhich at one point in May had fallen to $57,000.
Despite the turmoil in the broader crypto market, Lee remains optimistic about Bitcoin’s long-term value. His unwavering confidence in the cryptocurrency’s solid price fundamentals is reflected in his prediction that the price could reach $500,000 or more in the next few years.
Factors indicating upward momentum after FED rate cut
While Mr. Lee offered a bullish outlook on Bitcoin, he also discussed the current situation. inflation situation and America's economic situation. According to his CEO at Fundstrat, US inflation could cool dramatically and cause inflation. Bitcoin rising momentum If this happens.
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The CEO revealed: Federal Reserve System (FED) There is currently more room for interest rate cuts due to the impact on the country's bank balance sheets. Mr. Lee declined to say exactly when U.S. inflation would fall, but suggested it could be by the second half of 2024.
Overall, Fundstrat CEO remains optimistic about US inflation pressures, with Bitcoin generally Hedging against inflation and store of value In a time of such economic uncertainty.
BTC price continues to fluctuate | Source: BTCUSD on Tradingview.com
Featured image from CNBC, chart from Tradingview.com
