Fundstrat strategist: THIS is how Bitcoin can still reach $150K in 2024
Bitcoin to $150K or $50K? Fundstrat and Standard Chartered give bold but different projections.
- 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.
Fundstrat Global Advisors’ managing partner and top strategist, Tom Lee, projected that Bitcoin [BTC] could hit $150K by the end of the year.
In a recent CNBC interview, Lee underscored that a huge supply overhang from Mt. Gox will disappear in July, allowing BTC to rally.
“Knowing that the biggest overhang is going to disappear in July, it’s a reason to expect a pretty sharp rebound in the second half of 2024. So, I think $150K is still within target.”
Mt Gox is expected to distribute about $9 billion of BTC to victims early this month, but there was no official schedule as of press time.
Despite the bold prediction, the U.S. elections could also affect BTC price targets.
How U.S. elections will affect Bitcoin
With former president Donald Trump positioning himself as pro-Bitcoin, analysts believe the outcome of the U.S. election could influence the markets.
According to Geoffrey Kendrick, Standard Chartered Bank’s head of forex and digital asset research, BTC could hit $100K by November. In an interview with The Block, the executive stated,
“A fresh all-time for bitcoin in August is likely, then $100,000 by U.S. election day.”
Interestingly, Kendrick’s price projection depends on whether Joe Biden will remain in the presidential race.
However, should Biden drop from the race in late July, as some political commentators suggest, BTC could drop to $55K or 50K per Kendrick. The StanChart’s executive added that,
“The logic here is that both regulation and mining would be looked at more favorably under Trump.”
In the meantime, BTC returned to the $60K level after attempting to recover above $63K last weekend.
The signals from the derivative market were mixed, with a +23% volume surge and a drop in Open Interest (OI) rates. However, BTC will face wild volatility on the 3rd of July ahead of the release of the FOMC Minutes.
These minutes are an in-depth report on the Federal Open Market Committee’s (FOMC) last meeting.
