Tom Lees 2024 Bitcoin Forecast BTC Expected to Reach 150000 by the End of the Year

In a recent interview with CNBC, Tom Lee, co-founder and head of research at Fundstrat Global Advisors, urged investors sitting on over $6 trillion in cash to consider getting involved in Bitcoin (BTC). Lee stood by his end-of-year (EOY) Bitcoin price forecast of $150,000, citing global macroeconomic fundamentals as the driving force behind his prediction.

Lee stated that investors seeking a 5 percent yearly return from the S&P500 will need to reconsider their investment strategy by the end of this year. “I believe the end of this year will be a critical moment for those holding cash and earning 5%,” Lee emphasized.

He also predicted that the Bitcoin price will surpass the ongoing Mt.Gox funds distribution, having already seen a return of over 50 percent year-to-date. Additionally, with the highly contested general elections and expectations of the Fed cutting its benchmark interest rates later this year, Lee remains optimistic about Bitcoin’s potential.

Market Overview
As selling pressure in the crypto market begins to wane, the price of Bitcoin has risen above a crucial support level. According to an analysis from IntoTheBlock, approximately 237,000 Bitcoin addresses have acquired their BTCs within the price range of $61,000 and $62,600 in the past day, indicating significant demand at the current price level.

Having closed above $62,000 for the first time in the six-month candlestick, the Bitcoin price is poised for further advancement in the upcoming quarters.

Meanwhile, the focus of the crypto market is primarily on the impending listing of spot Ether ETFs, which is anticipated to bring a fresh influx of cash into the altcoin industry.

Looking at the bigger picture, the altcoin market could potentially yield much higher returns than Bitcoin in the second half of 2024. Furthermore, Bitcoin dominance is on the verge of a significant reversal, leading to increased rotation of crypto assets.

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