Bitcoin faces resistance after historical trends post-halving, hinting at short-term volatility.
Tom Lee’s bullish $150,000 BTC forecast for 2024 stems from macroeconomic shifts and Fed policies.
Despite short-term dips, Bitcoin’s potential for significant gains aligns with broader analyst sentiment.
Bitcoin is currently facing resistance at its upper range, indicating potential volatility in the short term. According to a recent analysis by Rekt Capital, Bitcoin has historically never been ready to break out of a re-accumulation range so soon after a halving event. As Bitcoin prices struggle at this high resistance, the cryptocurrency market remains in a state of flux.
#BTC Bitcoin is rejecting at the Range High ResistanceHistorically, Bitcoin has never been ready to breakout from a Re-Accumulation Range this soon after the Halving$BTC #Crypto #Bitcoin https://t.co/Jw7FcQuPSo pic.twitter.com/tV7N3hyvZb
— Rekt Capital (@rektcapital) May 23, 2024
The current Bitcoin price stands at $67,264.08, reflecting a 3.13% decline in the past 24 hours. Trading volume in the same period reached $43.099B. Despite the recent dip, Bitcoin’s market capitalization remains robust at $1.325T. The circulating supply of Bitcoin is 19.702M BTC, with a maximum supply of 21,000,000 BTC.
However, veteran crypto market commentator Tom Lee maintains a bullish outlook for Bitcoin in 2024. In an interview with CNBC earlier in May, Lee, Managing Partner and Head of Research at Fundstrat Global Advisors, reiterated his optimistic price prediction for Bitcoin, forecasting it could reach $150,000 by 2024.
$150,000 #Bitcoin this year is our base case. Bitcoin is early in an up-cycle – Fundstrat 👀 pic.twitter.com/V6vFGgKAdV
— Bitcoin Archive (@BTC_Archive) May 23, 2024
Lee’s bullish stance is not without reason. He believes Bitcoin is still early in an upcycle, suggesting that the cryptocurrency could achieve a six-figure price within the year. This projection implies a significant rise from the current all-time highs, which peaked in March before declining to $56,000 at the start of May.
Lee’s optimism is underpinned by anticipated macroeconomic changes in the US. He points out that the Federal Reserve’s recent dovish stance on interest rate cuts is a crucial factor for risk-asset traders. Lee suggests that the market’s recovery is partly due to the Federal Reserve’s softer stance on interest rates, which he views as beneficial for Bitcoin’s price trajectory.
It is to be noted that Tom Lee gained attention in the cryptocurrency industry for his strong Bitcoin price projections. Although not all of his predictions have come true, his long-term vision has consistently rewarded Bitcoin investors. Lee’s recent estimate follows the opinions of many analysts, who believe Bitcoin is poised for tremendous growth in coming years.
The post Bitcoin Faces Resistance Hurdle: Will 2024 Be the Breakout Year? appeared first on Coin Edition.
