🚀 Crypto Fundstrat Co-founder Foresees $150,000 Bitcoin Price in 2024 and $500,000 in Five Years

[Undefeated_Lamba]

During an appearance on CNBC’s “Squawk Box” on May 6, Tom Lee, the co-founder of Fundstrat Global Advisors, shared his optimistic outlook on Bitcoin’s price trajectory, predicting a substantial increase to $150,000 by the end of 2024.

Lee’s bullish sentiment extends further, suggesting that Bitcoin could reach $500,000 within five years. This forecast comes amidst ongoing market volatility and inflation concerns, highlighting Lee’s confidence in Bitcoin’s long-term value proposition.

Enjoyed speaking

with the @SquawkCNBC team this am

– expecting "buy in May" given the big reset of April

– economy also no longer running "red hot"

so Fed has room to cut

– good for small-caps $IWM tech $QQQ and #Bitcoin @JoeSquawk @andrewrsorkin @BeckyQuick… https://t.co/gEdjpyuPtD

— Thomas (Tom) Lee (not drummer) FSInsight.com (@fundstrat) May 6, 2024

Lee emphasized that Bitcoin is still in the early stages of its current bullish cycle, suggesting that its price has significant room for growth.

Despite recent market fluctuations and the price currently hovering around $63,000, Lee remains optimistic about Bitcoin’s future performance. He believes the recent turmoil in the market has misled investors, emphasizing the resilience and potential of Bitcoin’s underlying technology and market dynamics.

Lee also discussed the transformative impact of Bitcoin exchange-traded funds (ETFs), describing them as a “wonderful development” for the cryptocurrency market.

First time ever 1D flows all green, no red for the Bitcoin Bunch. Not going to spike the football like some did during the outflow period but will point out that over 95% of the ETF investors HOLD-ed during what was a pretty nasty and persistent downturn. Will same happen next… pic.twitter.com/3l3uwwmqGy

— Eric Balchunas (@EricBalchunas) May 6, 2024

ETFs expose investors to Bitcoin without the complexities of owning and storing the underlying asset. Lee’s positive stance on Spot Bitcoin ETFs reflects his belief in their ability to broaden Bitcoin’s accessibility and appeal to a wider range of investors.

On Friday, U.S. spot Bitcoin ETFs experienced a turnaround, breaking a streak of seven consecutive days of outflows and recording a substantial $378 million inflows.

Among them, Grayscale’s GBTC, which had been experiencing outflows since its inception, saw inflows for the first time, receiving $63 million from investors. Chhugani and Sapra noted that GBTC’s inflow marked a significant shift in the market, especially since the other nine ETFs had been absorbing the fund’s outflows since their launch.

Expectations of Declining Inflation in the US​

Addressing concerns about inflation, Lee expressed confidence that inflation in the US will decrease “dramatically” in the coming months. While he did not provide a specific timeline for this decline, Lee suggested it could occur in the second half of 2024.

He highlighted the impact of high inflation rates on regional banking, noting that the US Federal Reserve may not be comfortable with long-term rates at current levels due to their impact on banking balance sheets.

Tom Lee’s bullish outlook on Bitcoin’s future and his price predictions of $150,000 by the end of 2024 and $500,000 within the next five years demonstrate his confidence in Bitcoin’s long-term growth potential.

Despite recent market turbulence and inflation concerns, Lee remains optimistic about Bitcoin’s role as a store of value and a hedge against inflation. His insights provide valuable perspective on the evolving cryptocurrency landscape and its potential impact on the broader financial market.

Lee’s bullish view aligns with Geoff Kendrick, an analyst at Standard Chartered, and Bernstein analysts who predicted that the unwinding of leveraged positions had created a more conducive environment and paved the way for an upward trend in the crypto market. Standard Chartered and Bernstein made bullish forecasts that BTC would surge to $150,000 by the end of 2024.