Bitcoin
Fundstrat’s Tom Lee Says Bitcoin (BTC) Is Poised for a ‘Strong Recovery’ in Rest of 2024 — Here’s His Target
Fundstrat Global Advisors’ managing partner and head of research believes that Bitcoin (BTC) will end the year strong.
In a new interview with CNBC, Tom Lee it says Bitcoin could still hit $150,000 by 2024, a gain of over 137% from its current value.
Lee says one reason to be bullish on Bitcoin is that defunct cryptocurrency exchange Mt. Gox must now finally pay creditors about 142,000 BTC worth nearly $9 billion from July through October, a event some have long feared this is bearish for the king of cryptocurrencies.
“Bitcoin is probably suffering from the start of the Mt. Gox distributions in July. That was a huge excess for many years. But if I were investing in crypto knowing that one of the biggest excesses would disappear in July, I think that’s a reason to actually expect a pretty sharp recovery in the second half. So I think $150,000 is still a good thing.” [possible this year]…
And you know one thing to keep in mind is that Bitcoin makes most of its gains in ten days each year. If you take out the best ten days in a single year, Bitcoin actually has a negative return.”
Bitcoin is trading at $63,124 at the time of writing, up nearly 3% in the past 24 hours.
Lee also predicts that stocks will end the year higher than they are currently.
“Now that we are in the middle of the year 2025 [S&P 500] earnings look a lot stronger than we thought at the beginning of the year. We thought maybe $260. It’s probably closer to $275, maybe $280 or even $285. And I think the multiple we originally thought might be 20 times that number for next year, but given that the Fed has more reason to be dovish, and I think maybe the employment picture is softening, P/E multiples could be higher next year.
So I would say between now and the end of the year stocks should be higher. We’ve already had a strong first half, and the second half won’t be as strong as the first, but we should build on those gains. So yeah, it looks pretty good.”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be aware that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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