Fundstrat’s head of research, Tom Lee has doubled down on his preliminary Bitcoin prediction, strongly emphasizing that the pioneer cryptocurrency will surge to $150,000. The Wall Road strategist highlighted Bitcoin’s robust bullish outlook, believing that the cryptocurrency will ultimately pull out of bearish tendencies quickly.

Bitcoin To Hit $150,000 In 2024

In a latest interview with CNBC Tv, Lee expressed bullish optimism over Bitcoin’s future outlook, reaffirming his earlier prediction that the cryptocurrency would attain new all-time highs of $150,000 by the top of 2024. 

Earlier in Might, Lee made a bullish forecast for Bitcoin, anticipating a dramatic surge to $150,000 earlier than the 12 months ends. On the time, the Fundstrat head of research attributed his bold forecast to the cooling down of inflation in america (US) and a subsequent enhance within the demand for BTC. Nevertheless, now Lee provides that BTC may witness a pointy rebound following the conclusion of Mt Gox’s Bitcoin reimbursement course of to collectors.

Through the interview, Lee recommended that the upcoming Bitcoin redistribution by Mt Gox could be driving the bearish stress on Bitcoin’s price. Earlier in June, Mt Gox disclosed that it might formally begin its $9 billion value of BTC and Bitcoin Money (BCH) reimbursement plans in July. The redistribution will see collectors being refunded and compensated for the Bitcoin trade’s hack assault in 2014. 

With $9 billion value of BTC and BCH set to flood the market, speculations are rising regarding potential sell-offs from collectors. This sentiment has led to BTC’s downward spiral, triggering stronger promoting pressures from traders. 

Bitcoin’s price additionally fell under $60,000 sooner or later, recording much more declines as miners offered off their holdings to buy more practical mining instruments. Lee believes that following any Gox’s reimbursement course of, Bitcoin could have a “pretty sharp rebound” within the second half of the 12 months. 

Bearish Tendencies Might Be Over For BTC

Bitcoin price has efficiently crossed the $60,000 threshold and is now buying and selling at $62,523, as of writing. Since early June, the cryptocurrency has skilled a pointy downward development, crashing by up to twenty% as a result of substantial outflows from Spot Bitcoin ETFs. 

Nevertheless, Bitcoin could also be preparing for a recent upside as analysts foresee a significant rebound as miners’ promoting stress cool off and the broader crypto market stabilizes.

Notably, on-chain market intelligence platform, CryptoQuant has projected a possible upside for Bitcoin within the third quarter of 2024 (Q3). Moreover, crypto analyst Ali Martinez has expressed bullish sentiment for BTC’s price prospects.  

In an X (previously Twitter) put up, Martinez highlighted Bitcoin’s underperformance within the earlier month, describing this bearish occasion as a “negative June.” Regardless of the downtrend, the analyst foresees a powerful rebound for Bitcoin in July, with a mean return of seven.98% and a potential price enhance to $63,200 or $63,800. 

Featured picture created with Dall.E, chart from Tradingview.com