According to Lee, Bitcoin's price will double its current all-time highs by the end of the year.
According to Tom Lee, veteran commentator on the crypto market, Bitcoin $BTC would be on track to reach $150,000 in 2024.
In an interview with CNBC in early May, Lee, managing partner and head of research at Fundstrat Global Advisors, spoke with his latest bullish prediction on the price of BTC.
Lee reiterates $150,000 price target for BTC
Bitcoin price is not without optimistic targets this week, although some traders are focusing on the long-term horizon.
Lee is among them, and reveals how Fundstrat sees a six-figure price for BTC by 2024.
“We believe Bitcoin is still at the beginning of a growth cycle, so the idea that it could reach $150,000 this year is still within our base case,” he said.
Such a price would be equivalent to double the current historical highs, reached in March before the retracement towards $56,000 signed at the beginning of the month.
Lee motivated his reasoning by pointing to the macroeconomic changes coming from the United States.
The language adopted by the Federal Reserve regarding interest rate cuts - a key topic watched by risk asset traders - is "more dovish than the market situation".
“I think that's exactly why the markets are recovering,” he suggested.
Lee is well known in crypto circles for his BTC price predictions, not all of which have come true. In the long run, he often hinted to his X followers that being long BTC was beneficial.
“LESSON: Being intellectually stubborn can be costly,” he reports in discussing Fundstrat's investment thesis.
At press time, BTC/USD is trading at around $68,000, according to data from Cointelegraph Markets Pro and TradingView.
Risk assets facing uncertain timing
The latest estimates provided by CME Group's FedWatch Tool show that markets believe a rate cut is the most likely option at the September Fed meeting, but not before.
Related: ETFs Absorb 3x New BTC Supply: 5 Things to Watch This Week
The latest minutes from the May meeting of the Federal Open Market Committee (FOMC) also underline the idea that no policy direction is off the table.
"Participants discussed maintaining the current restrictive policy stance for a longer period in case inflation shows no signs of a sustainable approach to 2% or reducing restrictive policy in the case of an unexpected weakening of conditions of the labor market", we read in the minutes.
“Several participants mentioned a willingness to tighten policy further if inflation risks materialize in a way that makes such action appropriate.”
