Tom Lee Still Thinks Bitcoin (BTC) Can Hit $150,000 This Year
- PHPzOriginal
- 2024-07-02 06:01:11800browse
The managing partner and the head of research at Fundstrat Global Advisors believes that Bitcoin (BTC) will finish out the year strong.
Fundstrat Global Advisors managing partner and head of research believes that Bitcoin (BTC) will still hit $150,000 in 2024. In an interview with CNBC, Tom Lee stated that one reason to be bullish on Bitcoin is that defunct crypto exchange Mt. Gox is now expected to finally repay creditors about 142,000 BTC—nearly $9 billion—in a distribution starting in July and concluding in October.
“Bitcoin is probably suffering from the Mt. Gox starting distributions in July. That was a huge overhang for many years. But if I was investing in crypto knowing that one of the biggest overhangs is going to disappear in July, I think it’s a reason to actually expect a pretty sharp rebound in the second half. So I think $150,000 is still [possible this year] … And you know one thing to keep in mind is that Bitcoin makes most of its gains with ten days every year. If you take out the ten best days in a single year, Bitcoin actually has a negative return.”
Bitcoin is currently trading for $63,124 at the time of writing, up nearly 3% in the last 24 hours. Lee is also predicting that stocks will end the year higher than they currently are.
“Now that we’re at the mid-year, 2025 [S&P 500] earnings look a lot stronger than we thought at the start of the year. We thought maybe $260. It’s probably closer to $275, maybe $280, or even $285. And I think the multiple we thought originally could be 20 times that number for next year, but given the Fed has more reasons to be dovish, and I think maybe the employment picture is softening, P/E (Price-to-Earnings) Multiples actually could be higher next year.
So I’d say between now and year-end stocks should be higher. We’ve had a strong first half already, and the second half won’t be as strong as the first half, but we should build upon those gains. So, yeah, it looks pretty good.”
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