Markets
Bitcoin Price Prediction: BTC to Hit $150,000 After Breaking Major Price Hurdle
- Bitcoin holders will see huge appreciation in the coin by the end of the year.
- The cryptocurrency is on track to hit $150,000 as it clears a surplus created by Mount Gox repayments, Tom Lee said.
- Bitcoin has had a strong year so far, hitting a new record high before falling in recent weeks.
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Bitcoin is on a new high, with investors poised to see the token surge to $150,000 by the end of the year, according to Tom Lee, director of research at Fundstrat.
Lee, who has been one of the most bullish bitcoin forecasters in recent years, predicted that the cryptocurrency was still on track to reach a value of $150,000, implying a 138% increase from its price on Monday.
That might come as a surprise to holders of the token, who have seen bitcoin fall 7% over the past month, shortly after hitting record highs earlier in 2024. Still, Lee said the selloff was partly driven by nervousness over payments from Mount Goxthe crypto exchange that locked up about $9 billion in crypto when it declared bankruptcy a decade ago.
The trustee overseeing the exchange’s bankruptcy said it would begin reimbursing about 20,000 users starting this month. Anticipation of the event has weighed on cryptocurrency prices recently, according to K33 searchThe fear is that the distributions will lead to significant selling pressure for bitcoin as investors cash in on huge gains in the token since it was locked out of their accounts a decade ago.
But the impact of the refunds will fade, Lee suggested, predicting another big rally to boost bitcoin through the end of this year.
“Bitcoin is probably suffering from the start of the Mt. Gox distributions in July. It’s been a huge surplus for many years, but if I were investing in crypto, knowing that one of the biggest surpluses is going to disappear in July, I think that’s a reason to expect a pretty sharp rebound in the second half of the year,” he said. CNBC Monday.
Other bitcoin forecasters to have remained optimistic on the coin this year, especially as the Fed appears set to cut interest rates. Bitcoin’s price has rebounded after a brutal 2022with the piece recovering all its losses to score a new all-time high around $73,000 This year.