Markets
Fundstrat Strategist: HERE’S How Bitcoin Can Still Hit $150K in 2024
- BTC Could Hit $150,000 by Year-End, Says Fundstrat’s Chief Strategist
- However, Standard Chartered had expected a figure of either $100,000 or $50,000, depending on the outcome of the US elections.
Fundstrat Global Advisors Managing Partner and Chief Strategist Tom Lee predicted that Bitcoin [BTC] could reach $150,000 by the end of the year.
In a recent CNBC interviewLee pointed out that a huge oversupply from Mt. Gox will disappear in July, allowing BTC to recover.
“Knowing that the biggest overhang will disappear in July is a reason to expect a pretty sharp rebound in the second half of 2024. So, I think $150,000 is still within the target.”
Mt Gox is expected to distribute approximately $9 billion in BTC to victims earlier this month, but there was no official plan at the time of writing.
Despite this bold prediction, the US elections could also impact BTC’s price targets.
How the US Election Will Affect Bitcoin
With former President Donald Trump positioning himself in favor of Bitcoin, analysts believe the outcome of the US election could impact markets.
According to Geoffrey Kendrick, head of forex and digital asset research at Standard Chartered Bank, BTC could hit $100,000 by November. In an interview with The Block, the executive said:
“Bitcoin is likely to hit a new all-time high in August, then $100,000 by U.S. Election Day.”
Interestingly, Kendrick’s price projection will depend on whether Joe Biden remains in the presidential race.
However, if Biden drops out of the race in late July, as some political commentators suggest, BTC could drop to $55K or $50K for Kendrick. The StanChart executive added that,
“The logic here is that both regulation and mining would be viewed more favorably under Trump.”
Meanwhile, BTC has returned to the $60,000 level after attempting to recover above $63,000 last weekend.
THE signals from the derivatives market were mixed, with volume increasing by +23% and Open Interest (OI) rates dropping. However, BTC will face strong volatility on July 3rd ahead of the FOMC minutes release.
These minutes are an in-depth account of the latest meeting of the Federal Open Market Committee (FOMC).