Thomas Lee, the head of research at Fundstrat Global Advisors, has reaffirmed his optimistic outlook on Bitcoin's price, sticking to his prediction of reaching $150,000 by the end of 2024 following the conclusion of the Mt. Gox distribution. In a recent CNBC interview, Lee, who brings over 25 years of equity research experience including senior roles at JPMorgan and Salomon Smith Barney, highlighted several factors driving his bullish stance.
The distribution of assets from Mt. Gox, a former cryptocurrency exchange, has been a long-standing burden on the market. Lee acknowledged this overhang, noting its removal as a catalyst for potential market resurgence. He expressed confidence in a significant rebound for Bitcoin in the latter half of the year, emphasizing the elimination of one of the largest historical constraints on crypto investments.
Mt. Gox recently began compensating creditors with bitcoin and bitcoin cash, amounting to approximately 142,000 BTC, valued at nearly $9 billion. This development, coupled with potential Federal Reserve monetary policy adjustments and the anticipated positive impact of bitcoin exchange-traded funds (ETFs) on market demand, strengthens Lee’s expectation of a substantial price surge.
Lee has upheld his $150,000 bitcoin price target for some time, underlining Bitcoin's resilience as "sound money" and highlighting its utility as a store of value and risk asset, alongside its robust security features.
What are your thoughts on Thomas Lee's projection of a sharp bitcoin rebound and the likelihood of Bitcoin reaching $150,000 following the Mt. Gox distribution? Share your opinions in the comments below.