Renowned investor Tom Lee, known as the "Wall Street Bull," remains optimistic about Bitcoin's trajectory. He forecasts that the price of the world's leading cryptocurrency will climb to $150,000 by the end of 2024, with implications for Gen Z investors.
Bitcoin's price has been soaring from one all-time high to another, breaking the $71,500 mark on Monday morning. While some market observers anticipate a significant correction, Wall Street Bull Tom Lee predicts further upward momentum in the coming months. The Fundstrat strategist, famous for bullish forecasts in the US stock market, suggests that $82,000 is a feasible short-term target.
Lee's predictions carry significant weight in the financial industry. He recently told CNBC that Bitcoin is expected to reach $150,000 by the end of 2024, with the potential for even higher prices thereafter. The investor envisions Bitcoin hitting $500,000 within the next five years, a sentiment he expressed weeks ago.
Attributing Bitcoin's volatility and polarizing reception in the financial sector to a generational conflict, Lee points out that the Baby Boomer generation tends to view cryptocurrencies negatively due to their emergence outside the traditional financial system. Conversely, Millennials and Gen Z individuals find Bitcoin and its decentralized nature particularly trustworthy. Lee suggests that young investors are currently shaping the direction of cryptocurrency prices through their investment behavior.
The approval of Bitcoin spot ETFs has paved the way for cryptocurrencies to enter the traditional financial system. This development allows cautious investors, avoiding investments in cryptocurrency exchanges like Binance or Bitpanda, to directly benefit from Bitcoin's performance. The significant interest shown by investors, alongside the impending halving, is cited as the primary driver behind the current Bitcoin bull run, according to Lee.
Lee asserts that the current Bitcoin rally has stronger fundamental and structural support compared to the previous all-time high in 2021. His statements may encourage investors uncertain about future price movements following new all-time highs to remain engaged in the crypto market. In effect, Lee's predictions could become self-fulfilling prophecies, at least in part.
