Thomas Lee, the head of research at Fundstrat, is reinforcing his optimistic forecast for Bitcoin’s price, setting it at $150,000 by the end of the year, in the aftermath of the Mt. Gox distribution. He anticipates a significant resurgence in the latter part of this year due to the resolution of the Mt. Gox issue, potential shifts in Federal Reserve policies, and the expected impact of Bitcoin ETFs as crucial contributors to the projected price upsurge.
Lee, who holds a pivotal role as the managing partner and head of research at Fundstrat Global Advisors, discussed his insights and price expectations for Bitcoin subsequent to the Mt. Gox distribution while speaking with CNBC recently. Fundstrat is a distinguished financial research firm renowned for offering strategic market perspectives. With a wealth of over 25 years’ experience in equity research, Lee has previously held influential positions as JPMorgan’s chief equity strategist and as a managing director at Salomon Smith Barney.
Maintaining his positive stance on Bitcoin, Lee upholds the belief that the cryptocurrency could feasibly reach $150,000 by the close of 2024. He expounded on the rationale behind this projection, emphasizing the imminent resolution of the longstanding Mt. Gox predicament, which has lingered as a significant market challenge for an extensive period.
Lee highlighted the impact of Mount Gox’s distribution commencing in July as a source of Bitcoin’s ongoing struggles. This burden, accumulated over numerous years, is now anticipated to alleviate, heralding a potential sharp market rebound as one of the major constraints dissipates. Lee articulated his sentiment, stating that the removal of this significant obstacle presents a favorable outlook for cryptocurrency investments. In his words: “I believe this is grounds for anticipating a notable resurgence in the latter half.”
The now-defunct cryptocurrency exchange Mt. Gox has initiated repayments to its creditors in Bitcoin and Bitcoin Cash, as disclosed by its Rehabilitation Trustee on Friday. The exchange aims to reimburse roughly 142,000 BTC, presently valued at almost $9 billion.
In addition to the prospective decline in selling pressure on Bitcoin resulting from the elimination of this protracted hindrance, Lee also underscores the potential impact of a Federal Reserve policy shift towards easing monetary measures and the positive influence of Bitcoin exchange-traded funds (ETFs) on market demand as pivotal factors driving the anticipated price surge. Lee has maintained his $150,000 Bitcoin prediction for an extended duration. In February, he reaffirmed this forecast, labeling Bitcoin as “sound money” and remarking: “I believe it has proven its utility… It has showcased remarkable resilience as a store of value, a robust risk asset, and an exceptionally secure medium.”
What are your thoughts on Thomas Lee’s anticipation of a significant market revival for Bitcoin, and do you believe Bitcoin will reach the $150,000 milestone following the resolution of the Mt. Gox distribution? Share your viewpoints in the comments section below.
