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Breaking News: ‘Crypto Week’ Takes A Hit: US House Fails To Advance Key Acts

Fundstrat’s Head Of Research Says Bitcoin Will Reach $150,000, Here’s When

Scott Matherson
Scott Matherson
1 year ago
3 mins read
Bitcoin price

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Fundstrat’s head of research, Tom Lee has doubled down on his initial Bitcoin prediction, strongly emphasizing that the pioneer cryptocurrency will surge to $150,000. The Wall Street strategist highlighted Bitcoin’s strong bullish outlook, believing that the cryptocurrency will eventually pull out of bearish trends soon.

Bitcoin To Hit $150,000 In 2024

In a recent interview with CNBC Television, Lee expressed bullish optimism over Bitcoin’s future outlook, reaffirming his previous prediction that the cryptocurrency would reach new all-time highs of $150,000 by the end of 2024. 

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Earlier in May, Lee made a bullish forecast for Bitcoin, anticipating a dramatic surge to $150,000 before the year ends. At the time, the Fundstrat head of research attributed his ambitious forecast to the cooling down of inflation in the United States (US) and a subsequent increase in the demand for BTC. However, now Lee adds that BTC could witness a sharp rebound following the conclusion of Mt Gox’s Bitcoin repayment process to creditors.

During the interview, Lee suggested that the upcoming Bitcoin redistribution by Mt Gox might be driving the bearish pressure on Bitcoin’s price. Earlier in June, Mt Gox disclosed that it would officially start its $9 billion worth of BTC and Bitcoin Cash (BCH) repayment plans in July. The redistribution will see creditors being refunded and compensated for the Bitcoin exchange’s hack attack in 2014. 

With $9 billion worth of BTC and BCH set to flood the market, speculations are rising concerning potential sell-offs from creditors. This sentiment has led to BTC’s downward spiral, triggering stronger selling pressures from investors. 

Bitcoin’s price also fell below $60,000 at some point, recording even more declines as miners sold off their holdings to purchase more effective mining tools. Lee believes that following any Gox’s repayment process, Bitcoin may have a “pretty sharp rebound” in the second half of the year. 

Bearish Trends May Be Over For BTC

Bitcoin price has successfully crossed the $60,000 threshold and is now trading at $62,523, as of writing. Since early June, the cryptocurrency has experienced a sharp downward trend, crashing by up to 20% due to the substantial outflows from Spot Bitcoin ETFs. 

However, Bitcoin may be getting ready for a fresh upside as analysts foresee a major rebound as miners’ selling pressure cool off and the broader crypto market stabilizes.

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Particularly, on-chain market intelligence platform, CryptoQuant has projected a potential upside for Bitcoin in the third quarter of 2024 (Q3). Furthermore, crypto analyst Ali Martinez has expressed bullish sentiment for BTC’s price prospects.  

In an X (formerly Twitter) post, Martinez highlighted Bitcoin’s underperformance in the previous month, describing this bearish event as a “negative June.” Despite the downtrend, the analyst foresees a strong rebound for Bitcoin in July, with an average return of 7.98% and a possible price increase to $63,200 or $63,800. 

Bitcoin price chart from Tradingview.com
BTC bulls hold price above $62,000 | Source: BTCUSD on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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