Bitcoin Price Will Rally to $150,000 by Year-End, Fundstrat\'s Tom Lee Predicts

There's fresh upside ahead for bitcoin, with investors set to see a sharp rally in the token to $150,000 by the end of the year

Bitcoin is set for a sharp rally in the second half of the year, reaching $150,000 by the end of December, according to Fundstrat's head of research Tom Lee.

Lee, who has been one of bitcoin's most bullish forecasters in recent years, told CNBC on Monday that the crypto was still on track to notch a value of $150,000, implying a 138% upside from its price on Monday.

“I think bitcoin's probably suffering from the Mount Gox starting distributions in July, which was a huge, 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,” he said.

The trustee overseeing the exchange's bankruptcy announced that it would start doling out repayments to around 20,000 users starting this month. Anticipation for the event has weighed on crypto prices recently, according to research from K33. The fear is that the distributions will lead to big selling pressure for bitcoin as investors cash in huge gains in the token since being locked out of their accounts a decade ago.

Bitcoin slid 7% over the last month, not long after reaching record highs earlier in 2024. Still, the sell-off has been partly driven by nervousness over payouts from Mount Gox, which locked away around $9 billion in crypto when it declared bankruptcy.

Bitcoin's price has rebounded after a brutal 2022, with the coin recovering all its losses to notch a fresh all-time-high around $73,000 this year. The coin reached a record high of $69,000 in November 2021 before sliding into the red as the Federal Reserve began hiking interest rates.

Other bitcoin forecasters have remained bullish on the coin this year, particularly as the Fed looks poised to dial back interest rates.

The above is the detailed content of Bitcoin Price Will Rally to $150,000 by Year-End, Fundstrat\'s Tom Lee Predicts. For more information, please follow other related articles on the PHP Chinese website!