Bitcoin Could Hit $150K In H2 2024, Predicts Top Wall Street Strategist After ‘One Of The Biggest Overhangs’ Disappears In July
By Benzinga
Tom Lee, the managing partner and head of research at Fundstrat Global Advisors, stuck to his earlier prediction that Bitcoin (CRYPTO: BTC) may hit $150,000 later this year.
What Happened: In an interaction on CNBC, Lee was asked about his bold prognosis from March, despite the King Crypto’s turbulent volatility and recent drop below $60,000.
In response, Lee, who is one of the major strategists on Wall Street, admitted that Bitcoin was suffering from bankrupt exchange Mt. Gox’s planned disbursement of $9 billion worth of coins starting this month.
However, he believed the market could ascend once the sell-offs are completed in July.
“If I was investing in crypto, knowing that one of the biggest overhangs is going to disappear in July, I think it’s a reason to expect a sharp rebound in the second half,” Lee noted.
See Also: Shiba Inu Lead Developer Shytoshi Kusama Stirs Up Crypto World With Mysterious Post: ‘I’ve Been Shy And Quiet These Past Few Years… But It’s Time That Changes’
Why It Matters: Lee’s prediction mirrored that of JPMorgan analysts, who suggested that the bulk of Mt. Gox liquidations could occur in July, potentially pressuring cryptocurrency prices before a rebound in August.
Lee is known for accurately predicting many big rallies in cryptocurrencies. Back in 2017, he said that Bitcoin could shoot up to $55,000 by 2022. The King Crypto eventually reached $69,000 a year earlier.
Price Action: At the time of writing, Bitcoin was exchanging hands at $60,860.32, down 3.35% in the last 24 hours, according to data from Benzinga Pro.
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