Fundstrat’s head of research, Thomas Lee, has doubled down on his bitcoin price prediction of $150K by year-end, post Mt. Gox distribution. He expects “a pretty sharp rebound” for bitcoin in the second half of this year, citing the resolution of the Mt. Gox overhang, potential easing of Federal Reserve policies, and the impact of bitcoin ETFs as key factors for the projected price surge.
Thomas Lee Maintains Bullish Bitcoin Price Prediction Post Mt. Gox Distribution
Thomas Lee, managing partner and head of research at Fundstrat Global Advisors, shared his bitcoin price prediction and expectations following the Mt. Gox distribution in an interview with CNBC this week. Fundstrat is an independent financial research boutique providing strategic market insights, and Lee, with over 25 years of equity research experience, previously served as JPMorgan’s chief equity strategist and managing director at Salomon Smith Barney.
Lee remains bullish on bitcoin, predicting it could still hit $150,000 by the end of 2024. He explained that several factors support this forecast, including the anticipated resolution of the Mt. Gox overhang, which has burdened the market for a decade.
“Bitcoin’s probably suffering from the Mt. Gox starting distributions in July. That was a huge overhang for many years,” he shared, adding that he expects a sharp rebound, as the disappearance of one of the biggest overhangs would be a significant positive for crypto investments. The Fundstrat head of research said:
I think it’s a reason to actually expect a pretty sharp rebound in the second half.
Defunct crypto exchange Mt. Gox has started repaying creditors in bitcoin and bitcoin cash, its Rehabilitation Trustee revealed on Friday. The firm is set to repay approximately 142,000 BTC, currently valued at nearly $9 billion.
In addition to the removal of this long-standing overhang significantly reducing selling pressure on bitcoin, Lee also cites the potential for easing monetary policy from the Federal Reserve and the positive impact of bitcoin exchange-traded funds (ETFs) on market demand as key drivers for the projected price surge. The head of research has held his $150,000 bitcoin prediction for some time. In February, he doubled down on that forecast, calling BTC “sound money,” adding: “I think it’s proving to be useful… It’s been a great store of value. It’s been a good risk asset. It’s also incredibly secure.”
What do you think about Thomas Lee’s prediction of “a pretty sharp rebound” for bitcoin and do you think bitcoin’s price will hit $150K after Mt. Gox distribution? Let us know in the comments section below.
