At the moment, Bitcoin is facing resistance at its highest level. This could mean it will be volatile in the short term. Rekt Capital looked at past data and found that Bitcoin’s has never broken out of a re-accumulation zone this fast after a halving event. The cryptocurrency market remains unstable as long as Bitcoin prices keep struggling at this high resistance level.
The latest Bitcoin valuation is $67,264.08, indicating a 3.13% drop within the last day. Trading activity during this timeframe amounted to $43.099 billion. Although Bitcoin experienced a recent downturn, its market capitalization stands strong at $1.325 trillion. The circulating Bitcoin’s supply is 19.702 million BTC, with a maximum supply capped at 21 million BTC.
Despite ongoing fluctuations, Tom Lee, an experienced voice in the crypto market, continues to express optimism about Bitcoin’s prospects in 2024. During a recent CNBC interview in May, Lee, who serves as Managing Partner and Head of Research at Fundstrat Global Advisors, reaffirmed his bullish stance, projecting a potential rise to $150,000 for Bitcoin by the end of 2024.
Lee’s Bullish Bitcoin Forecast: Grounded Optimism
Lee’s optimistic outlook is grounded in solid rationale. He maintains that Bitcoin’s is merely at the outset of an upward trend, indicating a potential six-figure valuation within the year. Such a forecast signifies a substantial surge from its recent peak in March, even after a slight dip to $56,000 at the onset of May.
However, Lee’s positive outlook stems from expected macroeconomic shifts in the US. He highlights the Federal Reserve’s recent adoption of a dovish approach towards interest rate reductions as pivotal for traders in risk assets. Lee proposes that the market’s resurgence is, in part, a consequence of the Federal Reserve’s more accommodative stance on interest rates, which he sees as advantageous for Bitcoin’s price path.
It’s worth mentioning that Tom Lee has garnered recognition in the cryptocurrency sector due to his bullish Bitcoin price forecasts. While not all of his predictions have materialized, his overarching vision has consistently benefited Bitcoin investors over the long haul. Lee’s latest projection aligns with the sentiments of numerous analysts who foresee significant growth potential for Bitcoin in the years ahead.
Related Reading | https://btcpolitan.com/bitcoin-eyes-70k-key-supply-zone-holds-the-markets-next-move/
The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.
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