- BTC could hit $150K by end-year, per Fundstrat’s top strategist
However, Standard Chartered foresaw a prediction of $100K or $50K, depending on the outcome of the U.S. elections.
As a seasoned crypto investor with a keen interest in Bitcoin, I find the ongoing price predictions and speculations surrounding BTC‘s end-of-year target quite intriguing. According to Tom Lee of Fundstrat Global Advisors, we could see BTC hitting $150K by year-end, citing the upcoming disappearance of a significant supply overhang from Mt. Gox.
As a financial analyst, I would rephrase that statement as follows: According to my analysis at Fundstrat Global Advisors, our managing partner and top strategist, Tom Lee, anticipates that the price of Bitcoin could reach $150,000 by the end of this year.
During a recent interview with CNBC, Lee highlighted that the significant surplus of Bitcoin from Mt. Gox is expected to vanish in July, potentially leading to an upward trend for the cryptocurrency.
As a researcher studying market trends, I’ve identified that the largest outstanding issue is expected to be resolved by July. This resolution could lead to a significant market recovery in the latter half of 2024. Therefore, my prediction remains that $150K is an achievable goal.
Approximately $9 billion in Bitcoin from the collapsed Mt Gox exchange is projected to be dispersed to affected parties this month. However, a definitive timetable has yet to be announced publicly.
Despite the bold prediction, the U.S. elections could also affect BTC price targets.
How U.S. elections will affect Bitcoin
As a researcher studying financial markets, I’ve noticed an intriguing development: with the former U.S. President, Donald Trump, expressing support for Bitcoin, there’s growing speculation that the outcome of the upcoming U.S. election could significantly impact the cryptocurrency market.
As a financial analyst, I’ve closely followed the insights shared by Geoffrey Kendrick, who heads the forex and digital asset research at Standard Chartered Bank. Based on his recent comments in an interview with The Block, he predicts that Bitcoin could potentially reach $100,000 as early as November this year.
“A fresh all-time for bitcoin in August is likely, then $100,000 by U.S. election day.”
It’s intriguing to note that Kendrick’s price prediction hinges upon Joe Biden’s continuance in the presidential contest.
Should I find myself in the unfortunate position of having to predict that Joe Biden withdraws from the presidential race in late July, according to certain political commentators, it’s plausible that the price of Bitcoin could potentially dip down to $55,000 or even $50,000 per coin. The executive at StanChart added this intriguing perspective.
“The logic here is that both regulation and mining would be looked at more favorably under Trump.”
As a crypto investor, I’ve noticed that Bitcoin bounced back to around $60,000 following an unsuccessful attempt to surge above $63,000 last weekend.
The derivatives market saw conflicting indications recently, featuring a significant 23% jump in trading volume but a decline in Open Interest (OI) levels. Yet, Bitcoin is anticipated to experience considerable price swings on July 3rd, preceding the publication of the FOMC Minutes.
These minutes are an in-depth report on the Federal Open Market Committee’s (FOMC) last meeting.
Read More
- DOP PREDICTION. DOP cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- Top gainers and losers
- Gold Rate Forecast
- MOCHI PREDICTION. MOCHI cryptocurrency
- EUR RUB PREDICTION
- JASMY PREDICTION. JASMY cryptocurrency
- PHB PREDICTION. PHB cryptocurrency
- BORING PREDICTION. BORING cryptocurrency
- CHEEMS PREDICTION. CHEEMS cryptocurrency
2024-07-03 13:28