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?
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.
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 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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