While Bitcoin has no shortage of optimistic price targets this week, some observers are focusing on the long term.
Among them is Lee, who said that Fundstrat is looking at "base case options" for #btc prices this year.
'We believe #bitcoin is still in the early stages of recovery, so the idea that it could hit the ¥150,000 mark this year is still within the base case scenario,' he said. " he said.
Such a price would double the current all-time high, which was reached on March 5 and fell to 56,000 earlier this month.
Explaining his reasoning, Lee pointed to macroeconomic developments taking place in the United States.
The Fed's words on interest rate cuts, a key issue that risk asset traders consider "softer than what's in the market.
I think that's the reason for the market's recovery," he believes.
Lee is well known in the #cryptocurrency world for his BTC price predictions, but not all of them have come true. In the long run, BTC's long positions have paid off, as he informed his followers on X (formerly Twitter) this week.
'Lesson: intellectual stubbornness is costly,' he wrote, discussing a Fundstrat investment paper.
According to Cointelegraph Markets #Pro and TradingView, at the time of writing, May 5/23, the BTC/USD pair was trading at around 70,000 trades, up 15% from the beginning of the month.
According to the latest estimates of the FedWatch tool from Cme Group, the market believes that a rate cut is only likely at the Fed meeting, which is 9 months away.
The latest minutes from the May Federal Open Market Committee (FOMC) meeting released this week further supported the idea that policy direction has not been ruled out.
Participants discussed the possibility of maintaining current restrictive policy for a longer period of time if inflation did not show signs of a sustained move toward 2%, or reducing restrictive policy in the event of an unexpected deterioration in labor market conditions," according to the minutes.
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