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Bitcoin continues its battle to stay above $51,000 following a rebound from the brink of $53,000. On February 20th, the price nearly reached $53,000 before encountering a sharp sell-off, which led to a drop to $50,760.
BTC Growth and Expert Expectations
Despite these price fluctuations, Tom Lee, Managing Partner and Head of Research at Fundstrat Global Advisors, appears optimistic about the future potential of Bitcoin (BTC). In an interview with CNBC, Lee suggested that BTC’s price could see significant growth, stating:
I think it could go up to $150,000 this year.
Lee also touched on several factors that could support this growth. He mentioned the increasing excitement around Bitcoin exchange-traded funds (ETFs) as already bolstering demand, and the upcoming halving as exciting.
Furthermore, the easing monetary policies that have historically supported risk assets could strengthen BTC’s position. Lee emphasized Bitcoin’s resilience to current market conditions and suggested that a significant drop is unlikely in the near term.
Meanwhile, Bitcoin has seen a 0.66% decrease in the last 24 hours, trading at $51,501. On the other hand, according to data from 21milyon.com, BTC’s price has experienced an approximate 25% increase in value over four weeks.
Is It Time to Buy Bitcoin?
Tom Lee also praised Bitcoin, defending the cryptocurrency as a solid form of money. His statement was as follows:
I think (BTC) is proving to be useful. It’s been a great store of value, a good risk asset, and incredibly secure.
According to Lee, Bitcoin’s security level should not be compared with traditional banking systems, where approximately 6% of transactions are classified as suspicious.
Lee also highlighted the market’s existing FOMO, noting that many people are eager to make their investments before the halving.
In response to whether this is the right move, Scott Melker weighed in. In the latest episode of his podcast, he cautioned against focusing on the short-term view of transactions over the past 50 days, stating that we are still in the early stages of the cycle and added:
It’s always a good time to buy Bitcoin; it doesn’t mean you should spend everything on Bitcoin today.
Melker also emphasized that the periodic peak has not yet been reached before the upcoming Bitcoin halving. Despite a current $2,000 drop from the periodic peak, Melker warned that focusing on short-term price movements could lead to misguided decisions.
