Tom Lee shared a big prediction for Bitcoin trading price amid major Bitcoin bullish sentiment.
Tom Lee is Head of Research at Fundstrat Global Advisors. Before co-founding Fundstrat, Lee served as Chief Equity Strategist at JP Morgan from 2007 to 2014, and before that as a Managing Director at Salomon Smith Barney.
On February 21, 2024, Tom Lee appeared on CNBC’s Squawk Box and said that he thought the price of Bitcoin would reach $150,000 this year.
Lee said his prediction is based on three key Bitcoin bullish factors that would help Bitcoin surge 190% from this level.
When asked about the future of Bitcoin, Chairman Lee praised Bitcoin’s role as the best store of value assets and also evaluated the Bitcoin blockchain network as better than banks’ accounting methods.
Lee has been a long-time Bitcoin supporter. He believes that Bitcoin’s trading price will reach $200,000 in the next few years.
In the same interview, co-anchor Andrew Sorkin expressed his personal views on Bitcoin and indirectly said that he could not imagine a world in which Bitcoin surpasses the US dollar as the dominant financial asset.
bitcoin price action
The current trading price of Bitcoin (BTC) is $51,837, which is an increase of 38% in the last three months.
The excitement among Bitcoin traders during the rising phase of Bitcoin trading price is due to the “Bitcoin Halving”, which is the most important upcoming event for Bitcoin.
Current Bitcoin investment is 10 times the number of new Bitcoins created per day, thanks to the Bitcoin spot ETF product approved by the U.S. Securities and Exchange Commission (SEC) in January of this year.
People believe that the post-Bitcoin halving phase will be more optimistic than this phase because the supply-to-demand ratio will change quickly.
According to the sentiment, Bitcoin may not fall below the $49,000 level during a normal decline due to strong buying support at this level, while at the same time, it is likely to reach the $53,000 level soon.
Also Read: Ethereum (ETH) accumulation among big whales surges as ETH price reaches $3,000.