Thomas Jong Lee, the Chief Executive Officer (CEO) of Fundstrat, an impartial monetary analysis boutique, has maintained a bullish stance on Bitcoin. The monetary analyst has predicted that the world’s largest cryptocurrency may surge massively, doubling its present worth to reach $150,000 throughout the 2024 crypto market cycle.
Bitcoin Could Go Parabolic In 2024
During a current interview on Squawk Box, CNBC on May 7, Lee doubled down on his earlier Bitcoin forecast, expressing robust confidence that the pioneering cryptocurrency would expertise a dramatic surge earlier than the tip of 2024. He predicts that Bitcoin, at the moment priced at $62,371, in keeping with CoinMarketCap, will exceed earlier all-time highs and attain $150,000.
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The Fundstrat CEO disclosed earlier in April in an interview with CNBC Television, that “Bitcoin would definitely make new all-time highs this year,” predicting that the cryptocurrency may surge to $150,000 in 2024, and $500,000 long run.
He highlighted that the strong demand for BTC has been fueling its worth improve. Furthermore, the combination of the Rune Protocol, a brand new token customary for issuing fungible tokens on the Bitcoin community, has additionally bolstered the blockchain’s community.
Lee’s formidable forecast of Bitcoin comes at a time when the market has been experiencing significant volatility and durations of fluctuations. Bitcoin beforehand surged to an all-time high above $73,000 in March, propelled by the hype and demand for Spot Bitcoin ETFs.
However, after Bitcoin halving on April 20, which many analysts and traders believed would set off one other worth rally, BTC witnessed a dramatic drop, falling as little as $57,000 in some unspecified time in the future in May.
Despite the upheaval within the broader crypto market, Lee stays optimistic about Bitcoin’s long-term worth. His unwavering confidence within the cryptocurrency’s sturdy worth fundamentals is mirrored in his expectations of a possible worth surge to and even exceeding half 1,000,000 within the coming years.
Factors Point To Upward Momentum After FED Rate Cut
While Lee made his bullish projections about Bitcoin, he additionally mentioned the current inflationary situation and financial circumstances of the United States. According to the Fundstrat CEO, inflation within the US is ready to chill off dramatically, probably triggering an upward momentum for Bitcoin if this occurs.
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The CEO disclosed that the Federal Reserve (FED) at the moment has extra leeway to chop charges, citing their impacts on the nation’s banking stability sheet. Although he shunned specifying a exact timeline for the drop within the US inflation fee, Lee indicated that it may probably happen by the second half of 2024.
Overall, the Fundstrat CEO has maintained an optimistic outlook for inflationary pressures within the US, with Bitcoin usually serving as a hedge against inflation and a store of value throughout these durations of financial uncertainty.
BTC worth continues to fluctuate | Source: BTCUSD on Tradingview.com
Featured picture from CNBC, chart from Tradingview.com
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