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Nidhi Kolhapur
Nidhi Kolhapur
Author
Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.
- Jul 02, 2024 06:12 UTC
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Tom Lee Predicts $150,000 Bitcoin Price by Year-End, Urges Investors to Ditch Cash
Tom Lee, a financial advisor, believes Bitcoin will reach $150,000 by the end of the year due to strong global economic factors.
Lee says Bitcoin will outperform the distribution of funds from Mt. Gox and a potential Fed rate cut later in the year.
While Bitcoin is expected to rally, Lee believes altcoins could see even higher returns in the latter half of 2024.
Are you ready for this, Bitcoin believers AND skeptics?
In a recent interview with CNBC, Tom Lee, co-founder and head of research at Fundstrat Global Advisors, urged investors holding over $6 trillion in cash to consider Bitcoin (BTC). Lee reiterated his end-of-year Bitcoin price prediction of $150,000, citing strong global macroeconomic fundamentals as the driving force behind this bullish outlook.
What’s fueling his optimism?
A Call to Action for Investors
Lee highlighted that investors targeting a 5 percent yearly return from the S&P500 will need to reassess their strategies by the end of this year.
According to Lee, Bitcoin’s price performance will overshadow the ongoing Mt. Gox funds distribution, having already achieved a return of over 50 percent year-to-date. With the Fed expected to lower its benchmark interest rates later this year amid the contentious general elections, Bitcoin could see further gains.
Strong Support and Demand Indicators
As the crypto market sellers show signs of fatigue, Bitcoin’s price has rebounded above a critical support level. Analysis from IntoTheBlock reveals that around 237,000 Bitcoin addresses, active in the past day, acquired BTC between $61,000 and $62,600, indicating substantial demand in this price range. Closing above $62,000 for the first time in six months, Bitcoin appears poised for continued growth in the upcoming quarters.
The Rising Interest in Ether ETFs
The crypto market is also eagerly anticipating the listing of spot Ether ETFs, expected to inject new capital into the altcoin sector. This development could lead to significant gains for altcoins in the latter half of 2024, with some analysts suggesting that the altcoin market might outperform Bitcoin during this period.
From a broader perspective, the altcoin market could see higher returns than Bitcoin in the second half of 2024. Additionally, Bitcoin dominance is on the verge of a major shift, potentially sparking increased rotation of capital within the cryptocurrency market.
Read Also: Altcoins To Pump This Week, 40% Gains On Cards For Top Coins
Is it time to ditch the cash and dive into Bitcoin? Do your own research, but Tom Lee’s prediction might be worth considering.
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