Fundstrat’s Tom Lee Says Bitcoin (BTC) Gearing Up for ‘Sharp Rebound’ for Rest of 2024 – Here’s His Target
The managing partner and the head of research at Fundstrat Global Advisors believes that Bitcoin (BTC) will finish out the year strong.
In a new interview with CNBC, Tom Lee says Bitcoin could still hit $150,000 in 2024, a more than 137% gain from the current value.
Lee says one reason to be bullish on Bitcoin is that defunct crypto exchange Mt. Gox is now expected to finally repay creditors about 142,000 BTC worth nearly $9 billion starting in July up to October, an event some have long worried would be bearish for the crypto king.
“Bitcoin is probably suffering from the Mt. Gox starting distributions in July. That was a huge overhang for many years. But if I was investing in crypto knowing that one of the biggest overhangs is going to disappear in July, I think it’s a reason to actually expect a pretty sharp rebound in the second half. So I think $150,000 is still [possible this year]…
And you know one thing to keep in mind is that Bitcoin makes most of its gains with ten days every year. If you take out the ten best days in a single year, Bitcoin actually has a negative return.”
Bitcoin is trading for $63,124 at time of writing, up nearly 3% in the last 24 hours.
Lee is also predicting stocks will end the year higher than they currently are.
“Now that we’re at the mid-year, 2025 [S&P 500] earnings look a lot stronger than we thought at the start of the year. We thought maybe $260. It’s probably closer to $275, maybe $280, or even $285. And I think the multiple we thought originally could be 20 times that number for next year, but given the Fed has more reasons to be dovish, and I think maybe the employment picture is softening, P/E (Price-to-Earnings) Multiples actually could be higher next year.
So I’d say between now and year-end stocks should be higher. We’ve had a strong first half already, and the second half won’t be as strong as the first half, but we should build upon those gains. So, yeah, it looks pretty good.”
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