#BTC15万
Bitcoin prices are set to double by the end of the year, reaching their current all-time high.
Bitcoin could hit $150,000 by 2024, according to veteran cryptocurrency market commentator Tom Lee.
In an interview with CNBC in early May this year, Lee, managing partner and head of research at Fundstrat Global Advisors, gave his latest bullish prediction for BTC prices.
Lee reiterates $150,000 BTC price target
There’s no shortage of optimistic price targets for Bitcoin this week, but some observers are looking to the long term.
Lee is one of them, revealing Fundstrat’s “base case” for BTC prices to reach six figures by 2024.
“We believe that Bitcoin is still in the early stages of its upcycle, so the idea that Bitcoin could reach $150,000 this year is still within our base case,” he said.
Such a price would be double the current all-time high, which was reached in March before falling back to $56,000 in early May.
Lee pointed to macroeconomic changes coming from the United States to explain his reasoning.
The Fed’s language on rate cuts — a key issue for risk asset traders — was “more dovish than the market currently is.”
“I think that’s how the market recovers,” he said.
Lee, who is well-known in cryptocurrency circles for predicting the price of Bitcoin, not all of which have come true, hinted to fans on X that being long Bitcoin pays off in the long run.
“The lesson: stubbornness is costly,” he wrote in discussing Fundstrat’s investment thesis.
As of writing on May 23, BTC/USD is trading around $70,000, up 15% so far this month, according to data from Cointelegraph Markets Pro and TradingView.
Risk assets face uncertain times
Meanwhile, the latest estimates from CME Group’s FedWatch tool show that markets only see a rate cut as the most likely option at the Fed’s September meeting, and not sooner.
Related: ETFs Buy 3x New BTC Supply — 5 Things to Know About Bitcoin This Week
The latest minutes of the Federal Open Market Committee (FOMC) May meeting further emphasized that no policy direction is impossible to change.
“Participants discussed maintaining the current restrictive policy stance for longer if inflation does not show signs of moving sustainably toward 2 percent, or reducing policy restrictions if labor market conditions unexpectedly weaken,” the report said.
“Several participants mentioned that if inflation risks materialize, the willingness to tighten policy further would be appropriate.”
