Bitcoin To Hit $150K By Year-End, Says Fundstrat's Tom Lee: '...A Beeline Back Towards Its Long-Term Trend Line'

In a recent development, Tom Lee, the head of research at Fundstrat, has made a bullish prediction for Bitcoin.

What Happened: Lee shared his outlook for the future of Bitcoin on CNBC’s “Last Call.” He believes that Bitcoin’s price will soon reach its long-term trend line of $82,000, and could potentially hit $150,000 by the end of 2024.

“I think Bitcoin makes a beeline back towards its long-term trend line, which is probably $82,000 in the near term, $150,000 before year-end,” he said.

Lee’s prediction comes at a time when Bitcoin is on the verge of breaking its all-time high. The cryptocurrency has been experiencing a remarkable rally, with its market capitalization reaching $1.33 trillion, largely due to the inflow of funds into spot Bitcoin ETFs, the upcoming halving event, and growing investor interest in the cryptocurrency.

Why It Matters: Lee’s forecast aligns with the recent analysis by quant analyst PlanB, who declared that Bitcoin is currently in a bull market phase, characterized by “face-melting FOMO,” significant rallies, and occasional 30% dips.

The prediction of Bitcoin reaching $150,000 by the end of 2024 is a significant development in the cryptocurrency market. This forecast comes on the heels of Bitcoin’s recent surge, with the cryptocurrency nearing $69,000 and on the verge of touching its all-time high.

Notably, the recent rally in Bitcoin has been attributed to factors such as increased demand from recently approved spot Bitcoin ETFs and anticipation of the April halving event. However, CNBC’s Jim Cramer holds a different view and believes that something else is driving the buying. Lee’s prediction adds another layer to the ongoing conversation about Bitcoin’s future trajectory.

Photo by Michael Förtsch on Unsplash

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