According to U.Today, Tom Lee, co-founder of Fundstrat Global Advisors, has reiterated his optimistic prediction of Bitcoin reaching a price of $150,000 in a recent interview with CNBC. Lee attributes this potential surge to several factors, including the recent Bitcoin halving and the significant inflows experienced by Bitcoin exchange-traded funds. He highlighted that these products are currently on a 15-day streak of uninterrupted inflows, with BlackRock's IBIT surpassing $20 billion in total assets under management.
Lee also emphasized that the institutional infrastructure surrounding Bitcoin is still in its early stages. He believes that an increase in ownership will drive the value of the largest cryptocurrency to his projected figure. According to Lee, 'Bitcoin still follows math,' with over 87% of Bitcoin movements still correlating with the number of wallets and wallet activity, both of which are on the rise.
In May, Lee reaffirmed his $150,000 prediction, citing a decrease in inflation in the second half of the year as a key bullish catalyst. As of June 2, Bitcoin was trading at $70,156, according to CoinGecko data. During his recent appearance on 'Squawk Box,' Lee noted that inflation was 'softer than expected.' He also commented on the jobs market, stating that while it is cooling, it is not weakening dramatically, which he views as a 'good situation' for US equities. After an August sell-off, Fundstrat had anticipated a market rebound in May, but now June appears to be a stronger month.
