As the week begins with a positive outlook for cryptocurrencies, this seems to have affected many altcoins, including Bitcoin. In the past two weeks, the price dropped from $70,000 to $58,500 but later recovered slightly. A prominent figure in the market reiterated his price expectations for Bitcoin during a television program.
Analyst’s Bitcoin Comments
Tom Lee from Fundstrat Global Advisors expressed that Bitcoin (BTC) could end 2024 with a strong performance. In a new interview on CNBC, Tom Lee reiterated his views on Bitcoin.
He once again stated that he expects the price to reach $150,000 in 2024. If this value is reached, it is anticipated that there could be a gain of over 137%.
Lee explained why he is optimistic about Bitcoin, mentioning that Mt. Gox has had a significant impact recently.
It is known that from July to October, Mt. Gox will pay its creditors 142,000 BTC worth $9 billion, which has fueled the existing bearish expectations in the market. He added:
Bitcoin is likely struggling in July due to Mt. Gox starting distributions. This has been a significant burden for many years. However, if I invested in crypto knowing that one of the biggest hurdles would be removed in July, I would expect a sharp recovery in the second half. Therefore, I still think $150,000 is possible this year…
One thing to keep in mind is that Bitcoin gains most of its annual profit in ten days. If you remove the best ten days in a single year, Bitcoin actually has a negative return.
Lee also predicts that stocks will end the year at a higher level than they are currently.
Now we are in the middle of the year, and the 2025 S&P 500 earnings look much stronger than we thought at the beginning of the year. We might have thought $260. It is probably closer to $275, maybe $280, or even $285. And I think the multiple we initially thought for next year could be 20 times this figure, but considering the Fed has more reasons to be dovish and perhaps the employment picture has softened, the P/E (Price-Earnings) Ratios could actually be higher next year. So, I would say stocks should be higher between now and the end of the year. We already had a strong first half, and the second half won’t be as strong as the first, but we should build on those gains. So, yes, it looks pretty good.
Bitcoin Price in TL
Amid all these comments, attention was on the positive outlook of Bitcoin. As of the time of writing, BTC continues to find buyers at $63,200 after a 2% increase. When examining the BTC/TRY pair, its value is seen to be 2,061,000 TL.
BTC’s market cap has returned to $1.247 trillion, while the 24-hour trading volume increased by 88.5% to $27.4 billion.
