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Fundstrat’s Tom Lee maintains $150,000 Bitcoin price target
Alex Dovbnja
Blockchain analyst Tom Lee isn’t giving up on his $150,000 price target
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Tom Lee, co-founder of Fundstrat Global Advisors, did defended his ambitious Bitcoin price target of $150,000 during a recent interview with CNBC.
Lee says there are favorable factors associated with the recent Bitcoin halving.
He also noted that Bitcoin exchange-traded funds have seen huge inflows. AS reported by U.Today, these products are currently experiencing significant momentum, achieving a 15-day streak of uninterrupted inflows. BlackRock’s IBIT alone exceeded $20 billion in total assets under management.
Lee added that the institutional infrastructure around Bitcoin is only in its nascent stage.
According to Lee, the expanded ownership will push the largest cryptocurrency to $150,000. “Bitcoin still follows the math,” Lee added. According to the analyst, more than 87% of Bitcoin’s movements still follow the number of wallets and wallet activity, and both are moving higher.
AS reported by U.Todaythe permabull also doubled its $150,000 mark in May, citing falling inflation in the second half of the year as a major bullish catalyst.
According to data from CoinGecko, the largest cryptocurrency was trading at $70,156 as of June 2.
During his latest “Squawk Box” speech, Lee said inflation was coming in “weaker than expected.” The job market is cooling, but not weakening dramatically, which Lee said is a “good situation” for U.S. stocks.
After the August sell-off, Fundstrat expected markets to rebound in May, but now it looks like June could be a stronger month.
About the author
Alex Dovbnja
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to the burgeoning industry, from price analysis to Blockchain disruption. Alex has authored more than 1,000 stories for U.Today, CryptoComes, and other fintech media. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets; he can be contacted at alex.dovbnya@u.today.