{"id":371574,"date":"2024-02-22T17:00:13","date_gmt":"2024-02-22T11:30:13","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=371574"},"modified":"2024-02-22T15:50:17","modified_gmt":"2024-02-22T10:20:17","slug":"bitcoin-to-150k-in-2024-why-this-exec-is-making-this-price-prediction","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/bitcoin-to-150k-in-2024-why-this-exec-is-making-this-price-prediction\/","title":{"rendered":"Bitcoin to $150K in 2024? Why this exec is making this price prediction"},"content":{"rendered":"<ul>\n<li><i><span style=\"font-weight: 400;\">Exec believes Bitcoin could triple its current market price this year<\/span><\/i><\/li>\n<li><i><span style=\"font-weight: 400;\">While the halving is getting closer, the pre-halving top is still not in<\/span><\/i><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Bitcoin is struggling after a rejection that followed as the price tested $53,000 on the price charts. On 20 February, the price climbed from $51,774 to just a few dollars shy of $53,000, before recording a sharp sell-off. This reversal saw its value dip to a low of $50,760. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Despite this volatility, Tom Lee, Managing Partner and Head of Research at Fundstrat Global Advisors, remains optimistic about <a href=\"http:\/\/ambcrypto.com\/category\/bitcoin-news\" target=\"_blank\" rel=\"noopener\">Bitcoin&#8217;s (BTC)<\/a> potential. <\/span><a href=\"https:\/\/www.youtube.com\/watch?v=4YLehfd8ZLg\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Speaking<\/span><\/a><span style=\"font-weight: 400;\"> to CNBC, Lee projected massive growth in BTC&#8217;s prices, stating,<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400;\">\u201cI think it could be as high as $150,000 this year.\u201d<\/span><\/p><\/blockquote>\n<h3><strong>Factors fueling BTC\u2019s growth<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">Lee outlined several key factors contributing to this growth trajectory. The hype surrounding <a href=\"http:\/\/ambcrypto.com\/bitcoin-etfs-hit-new-record-will-btc-benefit-from-the-surge\/\" target=\"_blank\" rel=\"noopener\">Bitcoin exchange-traded funds (ETFs)<\/a> has already bolstered demand, while the periodic halving events constrict supply. Moreover, the easing monetary policies, which typically support risk assets, can further fuel the ascent. <\/span><span style=\"font-weight: 400;\">Highlighting Bitcoin&#8217;s resilience, Lee remained confident that a significant drawdown is unlikely in the near term. In fact, he emphasized that Bitcoin has been holding up quite well.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">At press time, Bitcoin was exchanging hands at $51,559, down by 0.57% over the last 24 hours. However, it has seen an appreciation of around 25% over the last four weeks, as per <a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" target=\"_blank\" rel=\"noopener\">CoinMarketCap<\/a>.<\/span><\/p>\n<h3><strong>What makes Bitcoin special?<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">The <\/span><span style=\"font-weight: 400;\">Fundstrat co-founder<\/span><span style=\"font-weight: 400;\"> advocated for Bitcoin as sound money. He remarked,\u00a0<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400;\">\u201cI think it&#8217;s (BTC) proving to be useful. It&#8217;s been a great store value, it&#8217;s been a good risk asset it&#8217;s also incredibly secure.\u201d<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">He also underlined Bitcoin&#8217;s impeccable record of not having a single fraudulent entry since its inception. This level of security is unmatched by traditional banking systems, where, according to Lee, approximately 6% of transactions are deemed suspicious.<\/span><\/p>\n<h3><strong>Time to buy Bitcoin?<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">With FOMO surrounding the market, many are rushing to capitalize on the pre-halving top. But, is it the right move? Scott Melker has the answer. During the latest episode of his <\/span><a href=\"https:\/\/www.youtube.com\/watch?v=awBM3Sd7dDU\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">podcast<\/span><\/a><span style=\"font-weight: 400;\">, he emphasized the infancy of the current cycle, cautioning against the short-sightedness of a 50-day trading perspective. He stated,<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400;\">\u201cIt\u2019s always a good time to buy Bitcoin; it just doesn\u2019t mean you spend everything you have on Bitcoin today.\u201d<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">H<\/span><span style=\"font-weight: 400;\">e believes the market has not yet seen the peak preceding the Bitcoin <a href=\"http:\/\/ambcrypto.com\/blog\/understanding-the-effect-of-the-upcoming-bitcoin-halving-on-mining-rewards\/\" target=\"_blank\" rel=\"noopener\">halving<\/a>. Despite a current $2,000 decrease from its high, Melker suggested that focusing too narrowly on short-term fluctuations is misguided. He <\/span>posited<span style=\"font-weight: 400;\"> that if Bitcoin&#8217;s price remains around $50,000, $49,000, or $52,000 in the next two months, it sets a promising stage for a significant hike by next fall.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Despite recent struggles, most remain optimistic about Bitcoin&#8217;s chances this year&#8230;<\/p>\n","protected":false},"author":87,"featured_media":371576,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,360,66,3,4,20],"tags":[],"class_list":["post-371574","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-btc-trading-view","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Bitcoin to $150K in 2024? 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