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With the opening of US markets, the volume in the BTC ETF channel is strong, but Bitcoin experienced a slight decline. For experienced investors, short-term price fluctuations are not very significant. Tom Lee is one of them and has been sharing his predictions about cryptocurrencies for years. In his latest assessment, he made some important remarks.
Cryptocurrency Predictions for 2024
Although we saw a decline after the BTC ETF launch this year, the BTC price broke all-time records before the halving. Since then, BTC has been fluctuating within a wide range and has not yet achieved the expected upward breakout. This is not surprising for most seasoned investors, and today’s strong price catalysts will eventually show their impact on the charts.
Tom Lee from Fundstrat answered questions posed by Skyridge Capital CEO Anthony Scaramucci in his latest market assessment broadcast. According to him, BTC remained strong after the assets held by BKA (a German government agency) were sold. Lee said;
“This is an extremely volatile asset, so it is affected not only by demand perceptions but also by supply perceptions, and you are definitely right on the supply side.
Mt. Gox is finally being resolved. This has been one of the biggest issues awaited since the first hack incident, and therefore, when the distribution in July is behind us and the markets see that it is not a disaster, Bitcoin is likely to perform much better in the second half.
The timing of the German sale was really odd, but it is now behind us, and I think the only thing that could harm crypto is that it is still seen as a correlated and risky asset, so if the Fed unexpectedly tightens, it will act as a headwind.”
Crypto Price Predictions
If the BTC price increases, it also means more upward movement for altcoins. The market almost certainly expects the Fed to start rate cuts this year. Tom Lee made the following remarks for his year-end price prediction;
“However, if the Fed starts to lower rates, I think you will see a move associated with small-cap assets in Bitcoin, there are many things associated with the Fed starting to lower rates…
I think a value of $100,000 or higher is possible. Bitcoin makes moves in very short periods. Previously, over many years, we published findings showing that most of Bitcoin’s gains were made within ten trading days. So, all of those ten days could be in the second half of this year.”
