Bitcoin Could Reach $150,000 This Year Fueled by ETFs, Halving, and Fed Rate Cuts, Says Fundstrat's

bitcoin By THIS TOM 2024-02-22 69

According to CoinDesk, Fundstrat head of research Tom Lee believes that Bitcoin could reach as high as $150,000 this year, driven by factors such as new ETFs, halving, and potential Federal Reserve rate cuts. Lee's comments come as Bitcoin's rally appears to stall below $53,000, its highest price in 26 months. Despite the recent slowdown, Lee remains optimistic about Bitcoin's prospects, stating that he does not think a drawdown will start soon.

However, other analysts suggest that Bitcoin may cool down for a while. Joel Kruger, market strategist at LMAX Group, advises caution in the short term, noting potential volatility due to shifting central bank policies, which could temporarily impact crypto markets. He added that any downturn would provide an opportunity for taking strategic positions. Analytics firm Swissblock also maintains a bullish outlook for Bitcoin, but believes it may experience a pullback to lower prices before resuming its uptrend. Swissblock analysts suggest that a retracement to the $47.5k support level could help alleviate excess volatility and reinforce market stability before potential further upside moves.