Bitcoin
Bitcoin Price Prediction: BTC to Hit $150K After Clearing Major Price Hurdle
- Bitcoin holders will see a huge appreciation of the currency by the end of the year.
- The cryptocurrency is on track to hit $150,000, clearing the glut created by Mount Gox refunds, Tom Lee said.
- Bitcoin has had a strong year so far, hitting a new all-time high before falling in recent weeks.
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There’s a new bull run ahead for bitcoin, with investors set to see a strong rally in the token to $150,000 by the end of the year, according to Fundstrat head of research Tom Lee.
Lee, who has been one of the most bullish bitcoin analysts in recent years, predicted that the cryptocurrency was still on track to reach a value of $150,000, implying a 138% increase from its price on Monday.
That may come as a surprise to holders of the token, who have seen bitcoin fall 7% in the past month, shortly after hitting record highs in early 2024. However, Lee said the sell-off was partly driven by jitters over payments from Mount Goxthe cryptocurrency exchange that locked up around $9 billion worth of cryptocurrencies when it declared bankruptcy a decade ago.
The trustee overseeing the exchange’s bankruptcy announced that it would begin distributing refunds to around 20,000 users starting this month. Anticipation for the event has weighed on cryptocurrency prices recently, according to K33 research. The fear is that the distributions will lead to a major selling pressure on bitcoin as investors have cashed in on the token since their accounts were locked out a decade ago.
But the impact of refunds will wane, Lee suggested, predicting another big rally to boost bitcoin through the rest of this year.
“Bitcoin is probably suffering from the start of the Mount Gox distributions in July. That was a huge glut for many years, but if I were investing in crypto, knowing that one of the biggest gluts is going to disappear in July, I think that’s a reason to actually expect a pretty sharp recovery in the second half,” he said. CNBC on Monday.
Other Bitcoin Predictors to have remained optimistic in the currency this year, particularly as the Fed appears ready to cut interest rates. The price of bitcoin has recovered after a brutal 2022with the currency recovering all its losses to reach a new all-time high around $73,000 this year.