Bitcoin Cash

2024

Bitcoin

Fundstrat’s head of research, Tom Lee has doubled down on his initial Bitcoin prediction, strongly emphasizing that the pioneer cryptocurrency will <a href="https://www.newsbtc.com/news/fundstrat-exec-bitcoin-150000/">surge to $150,000</a>. The Wall Street strategist highlighted Bitcoin’s strong bullish outlook, believing that the cryptocurrency will eventually pull out of <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-bears-target-60000-level-as-price-continue-to-decline/">bearish trends</a> soon. 
<h2 id="bitcoin-to-hit-150-000-in-2024">Bitcoin To Hit $150,000 In 2024</h2> 
In a recent <a href="https://youtu.be/o6RwsLU8yuc?si=axenpWxF1YMK-H3T" rel="nofollow">interview</a> with CNBC Television, Lee expressed bullish optimism over <a href="https://www.newsbtc.com/bitcoin-news/market-analysts-eye-july-for-potential-big-wins-in-bitcoin-and-ethereum-heres-why/">Bitcoin’s future outlook</a>, reaffirming his previous prediction that the cryptocurrency would reach new all-time highs of $150,000 by the end of 2024.&nbsp; 
Earlier in May, Lee made a bullish forecast for Bitcoin, anticipating a dramatic surge to $150,000 before the year ends. At the time, the Fundstrat head of research attributed his ambitious forecast to the cooling down of <a href="https://www.newsbtc.com/news/bitcoin-price-150000-500000/">inflation in the United States (US)</a> and a subsequent increase in the demand for BTC. However, now Lee adds that <a href="https://www.newsbtc.com/bitcoin-news/mt-goxs-bitcoin-dump-how-will-the-9-billion-sell-off-affect-btcs-price/">BTC</a>&nbsp;could witness a sharp rebound following the conclusion of <a href="https://www.newsbtc.com/news/bitcoin-mt-gox-starts-200000-btc/">Mt Gox’s Bitcoin</a> repayment process to creditors. 
During the interview, Lee suggested that the upcoming <a href="https://www.newsbtc.com/news/mt-gox-bitcoin-transfer-cryptoquant-analyzes-potential-market-effects-of-the-9-4b-movement/">Bitcoin redistribution by Mt Gox </a>might be driving the bearish pressure on Bitcoin’s price. Earlier in June, Mt Gox disclosed that it would officially start its $9 billion worth of BTC and Bitcoin Cash (BCH) repayment plans in July. The redistribution will see <a href="https://www.newsbtc.com/news/mt-gox-gets-approval-to-return-141686-to-victims-affected-in-2014-hack/">creditors being refunded and compensated</a> for the Bitcoin exchange’s hack attack in 2014.&nbsp; 
With $9 billion worth of BTC and BCH set to flood the market, <a href="https://bitcoinist.com/mt-gox-users-receive-btc-bitcoin-cash-payments/" rel="nofollow">speculations</a> are rising concerning potential sell-offs from creditors. This sentiment has <a href="https://bitcoinist.com/bitcoin-below-68000-reports-of-mt-gox-payouts/" rel="nofollow">led to BTC’s downward spiral</a>, triggering stronger selling pressures from investors.&nbsp; 
<a href="https://www.newsbtc.com/news/bitcoin/bitcoin-crash-below-66000/">Bitcoin’s price</a> also fell below $60,000 at some point, recording even more declines as miners <a href="https://www.newsbtc.com/news/bearish-signal-why-bitcoin-miner-sell-offs-may-continue/">sold off their holdings</a> to purchase more effective mining tools. Lee believes that following any Gox’s repayment process, Bitcoin may have a “pretty sharp rebound” in the second half of the year.&nbsp; 
<h2 id="bearish-trends-may-be-over-for-btc">Bearish Trends May Be Over For BTC</h2> 
Bitcoin price has successfully crossed the $60,000 threshold and is now trading at $62,523, as of writing. Since early June, the cryptocurrency has experienced a sharp downward trend, <a href="https://www.newsbtc.com/news/bitcoin-must-hold-above-51800/">crashing by up to 20%</a> due to the substantial outflows from Spot Bitcoin ETFs.&nbsp; 
However, Bitcoin may be getting ready for a fresh upside as analysts foresee a major rebound as <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-miner-selling-cools-off-breakout-moment/">miners’ selling pressure cool off</a> and the broader crypto market stabilizes. 
Particularly, on-chain market intelligence platform, <a href="https://www.newsbtc.com/bitcoin-news/quant-q3-rally-bitcoin-miner-selling-pressure/">CryptoQuant</a> has projected a potential upside for Bitcoin in the third quarter of 2024 (Q3). Furthermore, crypto analyst Ali Martinez has expressed bullish sentiment for BTC’s price prospects.&nbsp;&nbsp; 
In an X (formerly Twitter) <a href="https://x.com/ali_charts/status/1807326177910043012?s=46" rel="nofollow">post</a>, Martinez highlighted Bitcoin’s underperformance in the previous month, describing this bearish event as a “negative June.” Despite the downtrend, the analyst <a href="https://x.com/ali_charts/status/1808040596747022843?s=46" rel="nofollow">foresees</a> a strong rebound for Bitcoin in July, with an average return of 7.98% and a possible price increase to $63,200 or $63,800.&nbsp; 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/AHkwxL8g/" alt="Bitcoin price chart from Tradingview.com" width="3286" height="1576">

Fundstrat’s Head Of Research Says Bitcoin Will Reach $150,000, Here’s When

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