Bitcoin is set to reach as high as $150,000 by the end of this year, according to one CNBC research analyst, Tom Lee. Lee, who holds a full-time position as the Head of Research at financial analysis company FS Insights, gave this opinion during a CNBC piece earlier today. Lee is known for his pro-Bitcoin views, but he is by no means limited to just crypto, and he has made a name for himself in the financial world.
Why is Bitcoin Headed to $150k in the next 7 Months?
According to Lee, the primary reason Bitcoin is racing to $150k by the end of the current calendar year is widening ownership statistics. The new ownership demographic includes institutional and retail investors, Lee says, and this cemented its position as a genuine asset class.
Bitcoin has already risen 3% since Lee made this prediction and went above $70k after languishing below the key level for the last 2-3 months.
Is $150k Bitcoin a Realistic Prediction?
Bitcoin needs to gain 114% in the next 7 months from its current price level to reach Tom Lee’s $150k price target. This is a realistic price increase for the premier digital currency, considering we are in the middle of a major bull market.
However, due to the complicated economic situation prevailing, the coveted $150k price level can go either side of the December 31, 2024 target date. The bulls will fancy their chances, and if they are successful, this could mean a longer bull market and a possible rise to $200,000 or even further above during this cycle.
Bitcoin’s Immediate Outlook
Bitcoin is currently trading just north of the $70k price support level at press time. The largest cryptocurrency by market capitalization is on a roll and has managed to recover most of the losses of the last 2-3 months.
However, the index feels uneasy above the $70k resistance and may take some time to overcome. The long-term bull market is expected to resume when the digital currency rises to a new All-Time High (ATH) above $73.5k in the coming months. Failure to do so will put unnecessary pressure on the upward market forces and negatively impact sentiment.
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