Fundstrat’s managing partner Tom Lee is predicting a massive six-figure value for Bitcoin (BTC) this year.
In a new CNBC interview, Lee says that he sees Bitcoin reaching as high as $150,000 in 2024, a more than 230% increase from its current value.
He also believes that there may be an increasing demand for the top digital asset in the coming years that could send Bitcoin’s price even higher.
Says Lee,
“I think in the next 12 months, something over $100,000, maybe $150,000. And in the next five years, there’s a finite supply and now we have a potentially huge increase in demand with a spot Bitcoin [exchange-traded fund] approval, so I think in five years, something around $500,000 would be potentially achievable.”
Bitcoin is trading for 45,428 at time of writing, down nearly 3% in the last 24 hours.
Lee is also bullish on US stocks this year and predicts the biggest stock gains will come in the second half of 2024.
“I think 2024 is going to ultimately be a good year for stocks because we’ve got a Fed that’s no longer fighting an inflation war. And we know that the ISM Manufacturing, these PMIs (purchasing managers’ indexes) are bottoming and that’s correlated with earnings beginning to accelerate. And we know there’s pent-up CapEx (capital expenditures). Capital spending has been sort of held back for the past few years, so that accelerates, that’s good for earnings. And we expect mortgage rates to fall, which would be good for consumers. So, it’s really going to be a good year for stocks.
But the caveat being the first six months are probably a little more challenging because in the first six months, investors are going to be a little itchy or anxious for the Fed to do their first cut, and that uncertainty is going to weigh on stocks and at the same time it’s going to bring back those who are fearful inflation rears up. So I think it’s a good year overall, but most of the gains come in the second half.”
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