Tom Lee, CIO of Fundstrat Capital, a financial research firm, has predicted that the bitcoin bull market will continue in December and announced that the first cryptocurrency will reach “well over $100,000” by year-end.
Tom Lee Forecasts Bitcoin Reaching $100,000 By Year’s End in All-Asset-Encompassing Bull Market
The bull market predictions for bitcoin prices keep coming. Tom Lee, CIO of Fundstrat Capital, described by some as a bitcoin permabull, predicted that the ongoing crypto bull market would accelerate its rhythm in the last four weeks of 2024.
In a recent interview on CNBC’s Squawk Box, Lee stated that the demand for bitcoin by institutions and retail is brewing a supply shock that will see exchanges reduce their holdings in relevant quantities. He declared:
There are a lot of folks who don’t want Bitcoin over $100,000. Some may be the exchanges themselves that are concerned because there is a pretty low supply of Bitcoin available over the counter so you have a supply shortage.
Furthermore, Lee stated that if bitcoin crossed the $100,000 mark, there would be a ‘big chase’ involving rising demand for the first cryptocurrency. “I’m still confident bitcoin’s going to close much higher before year-end, well above $100,000 before year-end; it’s just a matter of time,” he concluded.
While bitcoin has remained relatively stable this last week, it reached several all-time highs two weeks ago after President-Elect Trump’s victory and the subsequent talk on the possible enactment of regulation to establish a strategic bitcoin reserve.
Read more: Reuters: Trump Team Mulls Bitcoin Reserve—Peter Schiff Warns of ‘Wasted Billions’
However, it has been difficult for BTC to break the $100,000 mark to reach higher levels. Not all are confident that the next step for bitcoin involves over $100,000 prices in the short term, and some are predicting a big price fall. Rich Dad Poor Dad author Robert Kiyosaki recently warned bitcoin could fall to $60,00 levels, stating that no matter the price action, he would continue to buy bitcoin “at a sale.”
Read more: Robert Kiyosaki Warns Bitcoin May Crash to $60K – Ready to Buy the Dip
