TOM LEE: BITCOIN’S ‘SOUND MONEY,’ 3 REASONS FOR $150,000 IN 2024

Tom Lee, head of research at FundStrat, has made a bullish Bitcoin price prediction for 2024, forecasting that the cryptocurrency will surpass its previous all-time high and reach $150,000.

Lee shared his optimistic outlook during an appearance on CNBC’s Squawk Box on Feb. 21, expressing confidence in Bitcoin’s potential to achieve significant gains this year.

He attributed his bold price projection to three main factors: the increasing demand fueled by new ETFs, the decreasing supply due to the halving event, and the supportive impact of expected monetary policy easing on risk assets.

Despite Bitcoin encountering resistance at $52,000 after a recent 30% rally, Lee remained optimistic, asserting that Bitcoin has demonstrated resilience and dismissing the likelihood of an imminent downturn.

Lee emphasized Bitcoin’s role as sound money and highlighted its track record as a store of value, a risk asset, and a highly secure technology, contrasting it favorably with traditional banking systems.

As a long-time Bitcoin bull, Lee has previously predicted even higher price targets for the cryptocurrency, envisioning it reaching $200,000 in the coming years.

In terms of technical analysis, the cryptocurrency market is currently facing major support zones, particularly at $49,000, with potential further declines if this level is breached.

At the time of writing, Bitcoin was trading slightly down at $51,507, remaining within a range-bound channel formed over the past week. While the overall crypto market capitalization exceeds $2 trillion, major assets like Ethereum, Solana, Ripple, and Cardano have experienced minor declines, with Binance Coin being the exception, showing gains.

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