The founder and head of research at Fundstrat Global Advisors Tom Lee is doubling down on a prediction that Bitcoin (BTC) could hit six figures.
Lee says in a new CNBC interview that Bitcoin could appreciate by around 119% within a period of less than two years.
According to the Fundstrat executive, a number of factors are aligning to push BTC to greater heights.
“I think that sometime in the next 12 – 18 months, Bitcoin can be over $150,000. But that’s because the backdrop for Bitcoin is so much more favorable today.
We’ve got more visible demand from the spot exchange-traded fund (ETF) and we know the supply dynamic is improving with the halving coming up which is less than a month away.
It does help that the Federal Reserve is becoming dovish, that’s easier monetary policy.
And I think from a regulatory perspective we had so many hammers dropped in the last 12 months, really 18 months, that unless it’s going to be worse over the next two years, Bitcoin’s already faced sort of the peak of regulatory backlash.”
Looking closer at BTC’s inflows, Lee says Bitcoin is currently witnessing a supply-demand imbalance.
“We saw it with the spot Bitcoin ETF inflows, BlackRock seeing almost $800 million in inflows. So I think as long as there’s strong spot demand and there aren’t eager sellers, you do have a market that’s out of balance, that there’s too much demand for Bitcoin and not enough supply created through the block reward.”
Bitcoin is trading at $68,350 at time of writing, up nearly 2% in the last 24 hours.
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- Source: https://dailyhodl.com/2024/03/09/bitcoin-could-skyrocket-over-110-amid-a-more-favorable-backdrop-says-fundstrats-tom-lee-heres-the-timeline/
