$100,000 Bitcoin in 2024? Fundstrats Tom Lee Bold Prediction Packs a Punch
Bitcoin is currently valued at $91,800 and has risen by about 170%, defying most macroeconomic odds.
Appearing on the business news channel CNBC, Fundstrats Head of Research, Tom Lee, confirmed that he does not doubt that with the same pace, BTC would comfortably be trading for over $100,000 by the close of 2024. His projection reflects a modest 10.49% gain from its current price but follows a 33.33% revision of his earlier $150,000 target.
What is behind the $100K prediction? Lee points to three major factors: Bitcoins halving, change in political leadership, and increasing adoption by institutional investors.
The Bitcoin halving, which occurred in April, saw miner rewards cut in half. This limited the number of new Bitcoins brought into the market. In the past, halving events have been the rocket fuel for Bitcoin.
For instance, BTC rose by over 1,200 percent one year after the 2016 halving. After only seven months of halving, BTC is almost at the $100,000 gates.
But its not just about supply. Demand is heating up. Institutions are rushing in, and BlackRocks spot Bitcoin ETF is attracting millions in inflows while MicroStrategy continues to buy more Bitcoin. According to analysts, Bitcoin spot ETFs will unlock billions in new investments.
Politics also plays a big role. After securing a second return to the White House, Donald Trump made bold promises about Bitcoin. His administration wants to create a national Bitcoin reserve. This aligns with Senator Cynthia Lummis Bitcoin Act, which proposes the U.S. acquire 5% of Bitcoins total supply over five years.
At current prices, thats 1 million BTC worth over $72 billion. The plan also suggests holding the Bitcoin for at least 20 years, signaling a long-term commitment to digital assets.
Are We Ready for $100K Bitcoin?
Not everyone is convinced, but the data looks promising. Whales are back in action, snapping up Bitcoin during market dips. Exchange reserves are dropping, a sign that fewer people are selling.
Meanwhile, reports from Bernstein suggest Bitcoin could go even higher. Their forecast? $200,000 by 2025. They cite the same drivers as Lee: ETFs, political support, and institutional demand.
Bitcoin is in a sweet spot. Supply is shrinking, demand is growing, and a pro-crypto narrative is building momentum.
Will it hit $100,000 by the end of the year? If Lees right, we might not have to wait long. One things clear: Bitcoins story is far from over.
Read more: https://zycrypto.com/100000-bitcoin-in-2024-fundstrats-tom-lee-bold-prediction-packs-a-punch/
Text source: ZyCrypto
