The managing partner and research head at Fundstrat Global Advisors, Tom Lee, expressed confidence in Bitcoin’s future performance as the year progresses. In a recent CNBC interview, Lee suggested that Bitcoin could potentially reach $150,000 by 2024, marking a significant increase of over 137% from its current value.
Lee attributed his optimism partly to the impending distribution of approximately 142,000 BTC, valued at nearly $9 billion, to creditors of the now-defunct Mt. Gox exchange, scheduled from July to October. This development, long anticipated with concern in the crypto community, was seen by Lee as a major hurdle finally being cleared, potentially paving the way for a strong rebound in Bitcoin’s price in the latter half of the year.
“Bitcoin has likely been weighed down by the looming Mt. Gox distributions starting in July. This has been a substantial overhang for many years. However, with this hurdle set to disappear, I believe there’s reason to anticipate a significant upswing in the latter part of the year. Therefore, I maintain that $150,000 remains achievable this year,” Lee remarked.
Lee highlighted a notable characteristic of Bitcoin’s price movements, noting, “It’s important to remember that Bitcoin tends to achieve most of its annual gains in just ten days. Excluding these top-performing days results in a negative return for the year.”
As of the latest update, Bitcoin is trading at $63,124, reflecting a nearly 3% increase in the past 24 hours.
In addition to his views on Bitcoin, Lee also offered predictions regarding the stock market, forecasting that stocks would conclude the year at higher levels than their current standings. “As we reach the midpoint of the year, projections for 2025 S&P 500 earnings appear stronger than initially anticipated. Previously estimated at around $260, it now seems likely to range from $275 to $285. Given the Federal Reserve’s leaning towards dovish policies and possible softening in the employment sector, Price-to-Earnings multiples could potentially rise next year.”
Lee concluded optimistically about stocks, stating, “Thus, between now and the end of the year, we should see further gains building upon the strong performance of the first half. While the second half may not match the intensity of the first, overall, the outlook remains positive.”
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