Bitcoin’s bullish horizon: Tom Lee forecasts $150,000 target
Tom Lee, the founder and head of research at FundStrat Global Advisors, has once again vocalized a compellingly bullish forecast for Bitcoin (BTC).
During an engaging interview with CNBC, Lee projected an impressive potential upswing for Bitcoin, positing it might escalate to a staggering $150,000 within the next 12 to 18 months.
This prediction suggests a roughly 117% increase from its current standing, captured against the backdrop of Bitcoin’s role as a safeguard against fiscal instability.
“I think that sometime in the next 12–18 months, Bitcoin can be over $150,000. But that’s because the backdrop for BTC is so much more favorable today.”
Highlighting a trio of factors underpinning his optimistic outlook, Lee underscored the increasing clamor for a spot exchange-traded fund (ETF) as a primary driver.
According to Lee, the fervent investment flow into the spot Bitcoin ETF, coupled with the upcoming Bitcoin halving event, creates a ripe environment for Bitcoin’s value to climb.
The halving event is poised to reduce the cryptocurrency’s new supply.
Lee specifically pointed to the fresh inflows into spot Bitcoin ETFs, like BlackRock’s, which recently witnessed a nearly $800 million boost. He explained to CNBC that the demand increase observed with the introduction of new ETFs, coupled with the supply decrease due to halving, along with the expected easing of monetary policy, is likely to support risk assets.
He also mentioned that these ETFs now have over $28 billion in assets, surpassing the assets in the Grayscale Bitcoin Trust ETF (GBTC) for the first time. This milestone signals strong institutional interest in Bitcoin.
Lee further elaborated on the supply-demand discrepancy, particularly ahead of the Bitcoin halving event, which is anticipated to exacerbate this imbalance in favor of price surges.
On the regulatory front, Lee conveyed an optimistic view. He suggested that Bitcoin might have already traversed the toughest phase of regulatory challenges over the past 18 months.
He suggested that considering the intensity of regulatory actions experienced in the crypto space in the past 12 to 18 months, it is unlikely, from his perspective, that the regulatory challenges for Bitcoin will intensify further.
The forecast comes at a time when Bitcoin has seen a slight cooling off after hitting a new all-time high of $70,083 on March 8. Despite a minor dip below the $68,300 threshold, Bitcoin’s resilience remains notable.
At the time of writing, the coin’s price was up 1.5% over 24 hours. Bitcoin was changing hands at $69,308, per data from CoinGecko. Its trading volume over that period suffered a nearly 39% dip, ending the day with a value of $31,576,168,688.
Lee’s insight into Bitcoin’s potential trajectory offers a gleaming beacon for bullish investors and a fascinating storyline in the dynamic world of cryptocurrency.
