Bitcoin is surrounded by massive excitement these days following the approval of spot BTC ETFs. Here is the latest price prediction for the king coin.
Bitcoin price prediction
Tom Lee, who is the managing partner of Fundstrat, has predicted that the value of Bitcoin (BTC) will reach six figures this year.
In a recent interview with CNBC, Lee stated that he expects Bitcoin’s value to rise to $150,000 by 2024, which is an increase of more than 230% from its current value.
He also believes that there will be a growing demand for the top digital asset in the upcoming years, which could drive Bitcoin’s price even higher.
Says Lee,
“I think in the next 12 months, something over $100,000, maybe $150,000. And in the next five years, there’s a finite supply and now we have a potentially huge increase in demand with a spot Bitcoin [exchange-traded fund] approval, so I think in five years, something around $500,000 would be potentially achievable.”
Bitcoin is trading for 45,428 at time of writing, down nearly 3% in the last 24 hours.
Lee is also bullish on US stocks this year and predicts the biggest stock gains will come in the second half of 2024.
“I think 2024 is going to ultimately be a good year for stocks because we’ve got a Fed that’s no longer fighting an inflation war. And we know that the ISM Manufacturing, these PMIs (purchasing managers’ indexes) are bottoming and that’s correlated with earnings beginning to accelerate. And we know there’s pent-up CapEx (capital expenditures). Capital spending has been sort of held back for the past few years, so that accelerates, that’s good for earnings. And we expect mortgage rates to fall, which would be good for consumers. So, it’s really going to be a good year for stocks.”
Stay tuned for more details about the price of Bitcoin and the movements of the crypto market.
