Renowned financial veteran and co-founder of Fundstrat, Thomas J. Lee, has boldly predicted that Bitcoin (BTC) could reach a high of $150,000 in 2024. In a recent CNBC interview, Lee emphasized the potential for Bitcoin to triple its current market price, which stood at around $51,000 on February 21st, according to CoinMarketCap. If this forecast materializes, it would imply a doubling of Bitcoin’s previous all-time high of $69,000.
Lee, with a distinguished background including top-ranking positions at JPMorgan Chase and Salomon Smith Barney, brings 25 years of equity research expertise to his analysis. He has consistently ranked among the top annual institutional investors since 1998.
The prediction is based on several factors, including the status of Bitcoin as “sound money” and its role as a store of value. Lee highlighted the robust anti-fraud technological framework of Bitcoin, noting that there has not been a single fraudulent entry on BTC’s blockchain since its inception in January 2009.
Two significant catalysts for Bitcoin’s potential surge, according to Lee, are the increasing demand facilitated by spot Bitcoin ETFs and the upcoming Bitcoin halving event. Spot Bitcoin ETFs have quickly gained traction, accumulating nearly $15 billion in assets under management (AUM) and $5 billion in cumulative net inflows in less than two months of trading.
The Bitcoin halving event, expected by April, involves a 50% reduction in Bitcoin mining rewards every four years. This mechanism ensures scarcity, counters inflation, and results in fewer new BTC tokens entering circulation post-halving.
Lee anticipates that these combined factors will contribute to substantial price growth for Bitcoin by the end of the year. Despite current market volatility, Bitcoin is already up 20% year-to-date and experienced a remarkable 150% surge last year. Crypto analyst Ali Charts supports this sentiment, noting that whales are steadily accumulating coins despite market fluctuations and profit-taking. As the cryptocurrency landscape continues to evolve, investors are closely watching for developments that could shape Bitcoin’s trajectory in 2024.
