Fundstrat’s chief strategist has stated that BTC could reach $150,000 by the end of the year. However, Standard Chartered Bank predicts that depending on the outcome of the US presidential election, BTC could reach $100,000 or $50,000.
Tom Lee, managing partner and chief strategist of Fundstrat Global Advisors, expects Bitcoin (BTC) to reach $150,000 by the end of this year.
In a recent CNBC interview, Lee emphasized that the significant oversupply from Mt. Gox will disappear in July, allowing BTC to rebound.
“Knowing that the largest overhang will disappear in July, we have reason to expect a significant rebound in the second half of 2024. So, I believe $150,000 is still within reach.”
Mt. Gox is expected to distribute approximately $9 billion worth of BTC to victims early this month, but an official timetable has not been announced as of the time of writing.
Despite making bold predictions, the US presidential election may also impact the price target of BTC.
How the US election will affect Bitcoin
With former President Donald Trump positioning himself as a supporter of Bitcoin, analysts believe that the outcome of the US election could influence the market.
Geoffrey Kendrick, Head of Forex and Digital Assets Research at Standard Chartered Bank, stated that BTC could reach $100,000 by November. In an interview with The Block, the executive said,
“Bitcoin is likely to hit a new all-time high in August and reach $100,000 by Election Day.”
Interestingly, Kendrick’s price prediction depends on whether Joe Biden continues to participate in the presidential race, as some political commentators have suggested that he may withdraw by the end of July. BTC could drop to $55,000 or $50,000 per Kendrick. The Standard Chartered Bank executive added,
“The logic here is that under Trump’s leadership, regulation and mining will receive more favorable treatment.”
Meanwhile, BTC attempted to recover above $63,000 over the weekend but returned to the $60,000 level.
The signals in the derivatives market are mixed, with a +23% surge in trading volume and a decrease in open interest. However, BTC is expected to face significant volatility on July 3rd before the release of the Federal Open Market Committee meeting minutes.
These minutes provide a detailed report on the last meeting of the Federal Open Market Committee (FOMC).