Can BTC reach 100K USD before the end of 2024? Tom Lee seems confident about this scenario.
Why could Trump's choice for the position of US Treasury Secretary be a triggering factor for this outlook?
Bitcoin [BTC] could reach a new all-time high and head towards the 100K USD target before this year ends.
According to strategist and analyst of Fundstrat, Tom Lee, the 100K USD milestone could soon be surpassed, especially after President-elect Trump's choice of the next US Treasury Secretary.
In an interview with CNBC on November 18, Lee shared,
I comfortably think that over 100K USD is reasonable before the end of this year.
Lee added that the 'Trump trade' is still ongoing and Trump's choice for the position of US Treasury Secretary along with Nvidia's earnings report, expected on November 20, could be bright events for BTC.
The market expects BTC to reach 100K USD per unit
Some market experts believe that Trump's choice for Treasury Secretary could determine whether a national BTC reserve is created.
As of the time of writing, there is still no clear choice for this position, and Polymarket assigns a 33% probability for Trump to create reserves.
Source: Polymarket
Reacting to the not-so-positive market outlook, Blockstream founder Adam Back believes that the US strategic BTC reserves have not been factored into the price.
He predicts a seven-figure price target for BTC if the market starts to get ahead in creating reserves. He stated,
If US Strategic Bitcoin Reserves occur, prepare for bitcoin to have a seven-figure price in this cycle. Currently, the market is skeptical about the righteous pursuit, so that has not been priced in the market.
If Back's seven-figure prediction comes true, it means BTC will reach over 1 million USD per unit. In the short term, Polymarket prices a 66% chance of BTC hitting 100K USD by December 2024.
A similar outlook but with lower odds is seen on Deribit. Options traders on Deribit price a 24% and 39% chance of BTC hitting 100K USD by the end of November and December respectively.
Source: Deribit
With that, the price chart has drawn a typical bull flag pattern on the daily chart. In most cases, the bullish target for the breakout of the pattern is equivalent to the length of the flagpole.
This could translate to a price target of over 110K USD for BTC. This is also the target that options traders are aiming for.
Source: BTC/USDT, TradingView
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