Tom Lee Predicts Interest Reduction Will Help Bitcoin Get to $150k in 2024
In an interview with CNBC, Fundstrat analyst Tom Lee reiterated his bullish stance on Bitcoin, suggesting a possible surge to $150,000 before the end of 2024. Thomas Jong Lee, or Tom Lee, is the co-founder and head of research at Fundstrat Global Advisors.
Tom Lee Reiterates His Prediction on BTC Getting to $150k This Year
The renowned crypto expert Lee has made multiple predictions on the price of Bitcoin. However, not all of his predictions have come true. Earlier this year, Lee had predicted, also on CNBC, that Bitcoin could hit a high of $150,000 before the end of this year, fueled by ETFs, the recent Bitcoin halving, and Fed rate cuts.
In his recent talk with CNBC, he doubled down on his prediction. He said, “Bitcoin’s still, we think, early in an upcycle, so the idea that it could get to $150,000 this year is still within our base case.”
Fundstrat Lee believes that the Federal Reserve’s tone on rate reductions will be crucial to Bitcoin’s price surge. He says it is “more dovish than where the market is.”
“I think that’s the process of why markets are recovering,” he continued.
Standard Chartered Predicts Bitcoin to Reach $150,000
Fundstrat’s Tom Lee is not alone in his bullish outlook, as many market participants anticipate bitcoin reaching new heights. One of such Bitcoin optimists is Standard Chartered.
Earlier this year, the United Kingdom-based multinational bank Standard Chartered Bank shared the same sentiments as Tom Lee. It predicted that Bitcoin would reach $150k by the end of this year.
In April 2023, the firm predicted that Bitcoin would sell for $100,000. However, Standard Chartered raised its expectations for 2024. The bank had earlier predicted that Bitcoin would exchange hands for $120k at the end of the year but later revised its prediction to $150k by the end of 2024.
Standard Chartered reached its conclusion on Bitcoin’s maximum value by looking at possible catalysts, like the recently launched spot Bitcoin ETFs, which have greatly impacted the crypto space and increased mainstream adoption of the cryptocurrency.
With BTC selling at $68k at press time, both enthusiasts believe the coin will sell for more than 2x its current value before the year ends.
