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Bitcoin investors could see a sharp rally to $150,000 by the end of the year, according to Tom Lee, Fundstrat’s head of research. Lee, known for his bullish bitcoin forecasts, anticipates a 138% upside from its current price, despite a 7% decline last month.
The recent slide in bitcoin prices is attributed to nervousness over payouts from Mount Gox, the bankrupt crypto exchange. Starting this month, the trustee will distribute repayments to 20,000 users, which has pressured crypto prices. However, Lee believes this overhang will soon dissipate, setting the stage for a significant rebound.
As the Federal Reserve looks to ease interest rates, other bitcoin forecasters remain optimistic. Bitcoin has already recovered from its 2022 losses, reaching an all-time high of $73,000 this year. Lee suggests that with the Mount Gox issue resolved, the path is clear for another substantial rally in the second half of 2024.
