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Tom Lee Still Thinks Bitcoin Will Hit $150,000 This Year
Alex Dobnya
Analyst Does Not Rule Out Ultra-Bullish Target of $150,000
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Permabull Tom Lee has reaffirmed his ambitious price target of $150,000 for Bitcoin during a recent interview with CNBC.
In late June, the largest cryptocurrency took a sharp dive after the now-defunct Mt. Gox exchange announced it would begin distributing stolen digital assets to its users following the infamous 2014 hack.
The repayments, which are expected to begin as early as July, have spooked market participants due to potential selling pressure from creditors.
Lee, however, does not seem to be fazed by the Mt. Gox FUD. The Fundstrat research chief described the years-long saga as a “massive cliffhanger.” Now, this bearish factor will no longer be relevant, which bodes well for Bitcoin bulls, according to the analyst.
Now, the analyst expects a “sharp” rebound in the second half of the year. Lee also said the Fed would not be comfortable with keeping its monetary policy tight for an extended period of time.
AS reported U.Today, Lee had previously predicted that the largest cryptocurrency would surge in late 2024 due to a sharp drop in U.S. inflation.
In the most recent interview, Lee noted that the largest cryptocurrency tends to make most of its gains within 10 days each year. In fact, if you take out the 10 best days, the largest cryptocurrency will end up with negative returns.
Permabull’s predictions should be taken with a grain of salt, considering that some of his previous predictions have proven disastrously wrong. For example, Lee predicted that the leading cryptocurrency could hit $200,000 in 2022. In reality, Bitcoin has endured a severe bear market.
On the podcast “Odds Lots,” Lee recently explained the logic behind his predictions, claiming that they are based primarily on activity of the Bitcoin network.
About the author
Alex Dobnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader, and journalist with extensive experience covering everything from price analysis to Blockchain disruption. Alex has written over 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, and can be reached at alex.dovbnya@u.today.