Alex Dovbnya
The analyst is not taking the uber-bullish $150,000 target off the table
Permabull Tom Lee has reaffirmed his ambitious $150,000 price target for Bitcoin during a recent interview with CNBC.
In late June, the largest cryptocurrency experienced a sharp downturn after the now-defunct Mt. Gox exchange announced that it would start distributing digital assets that were stolen from its users in the aftermath of the infamous 2014 hack.
The repayments, which are expected to start as soon as this July, spooked market participants due to potential selling pressure from creditors.
Lee, however, is seemingly unfazed by the Mt. Gox FUD. Fundstrat’s head of research described the yearslong saga as a “huge overhang.” Now, this bearish factor will no longer be relevant, which bodes well for Bitcoin bulls, according to the analyst.
Now, the analyst expects a “sharp” rebound in the second part of the year. Lee also stated that the Fed would not be comfortable with maintaining its tight monetary policy over a long period of time.
As reported by U.Today, Lee previously predicted that the largest cryptocurrency would surge in late 2024 due to a dramatic decline in US inflation.
During the most recent interview, Lee noted that the largest cryptocurrency tends to make most of its gains within 10 days every year. In fact, if one takes out the 10 best days, the largest cryptocurrency will end up having negative returns.
The permabull’s predictions should be taken with a grain of salt considering that some of his previous calls turned out to be disastrously wrong. For instance, Lee predicted that the leading cryptocurrency could reach $200,000 in 2022. In reality, Bitcoin endured a severe bear market.
On the “Odds Lots” podcast, Lee recently explained the rationale behind his predictions, claiming that they are mostly based on the activity of the Bitcoin network.
