- BTC to hit $100K before end of 2024? Tom Lee is confident of this scenario.
- Why Trump’s pick for U.S. Treasury Secretary could be a trigger for the outlook.
As a seasoned crypto investor with a knack for spotting trends and understanding market dynamics, I find myself intrigued by the bullish outlook on Bitcoin (BTC). Tom Lee’s prediction of BTC hitting $100K before the end of 2024 seems plausible, especially considering the potential impact of President-elect Trump’s pick for the U.S. Treasury Secretary.
It’s possible that Bitcoin‘s current value may reach a record peak (new all-time high) and surpass the $100,000 mark by the close of this year.
As per Tom Lee, a strategic investor and analyst at Fundstrat, the significant milestone of Bitcoin reaching $100,000 might occur in the near future, potentially accelerated by the selection of the next United States Treasury Secretary by President-elect Trump.
In an interview with CNBC on the 18th of November, Lee said,
“I think comfortably over $100K makes sense before the end of this year.”
Lee mentioned that the ‘Trump trade’ continued and suggested that the upcoming decisions regarding the U.S. treasury secretary by Trump and Nvidia’s financial report on the 20th of November might serve as positive signals for Bitcoin.
The market’s expectation of $100K per BTC
Several financial experts opine that the choice for U.S. Treasury Secretary may influence whether a government-held Bitcoin reserve becomes a reality.
At this moment, no definitive choice has been made for the role, and Polymarket estimates only about a third (33%) probability that Trump will establish the fund.
In response to a less-than-enthusiastic market forecast, Adam Back (Blockstream’s founder) opined that the value of the U.S.’ Bitcoin reserves had not been fully factored into current prices.
He predicted that if the market starts anticipating the establishment of a Bitcoin reserve, it could potentially reach a million-dollar valuation.
Should a Strategic Bitcoin Reservation by the U.S. occur, expect prices of Bitcoin to potentially reach multi-million figures during this market cycle. At present, there’s a degree of skepticism among investors regarding significant continuation, which means such an event is not yet reflected in current market pricing.
As an analyst, if Bitcoin (BTC) indeed reaches the seven-figure projection I’m considering, it would equate to a significant gain of over $1 million per BTC for me. At present, according to Polymarket’s projections, there’s approximately a 66% likelihood that BTC could hit $100,000 by December 2024.
On Deribit, there was a generally optimistic perspective regarding Bitcoin’s price, though the likelihood was somewhat reduced compared to other platforms. Specifically, options traders on this platform estimated approximately 24% and 39% chances that Bitcoin could reach $100K by the end of November and December respectively.
Read Bitcoin [BTC] Price Prediction 2024-2025
To put it simply, the graph has formed a common bull pennant shape over the daily view. Typically, the potential price objectives after the breakout of this bullish pattern are equivalent to the height of the flagpole.
The projected price of Bitcoin could exceed $110,000, which is comparable to the anticipated Bitcoin prices that options traders have been wagering on.
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2024-11-19 15:36