Bitcoins Bearish Cloud to Disperse in July Predicts Analyst for BTC to Reach 150000 by Years End

CoinDesk Report:
On Tuesday, July 2nd, Tom Lee, head of research at Fundstrat, expressed optimism about Bitcoin’s future, suggesting that by the end of this year, investors could witness a significant surge in Bitcoin’s price to $150,000.


Lee, known for his bullish Bitcoin forecasts in recent years, maintained his outlook for Bitcoin potentially reaching $150,000, implying a 138% increase from Monday’s levels.
This might come as a surprise to token holders who have seen Bitcoin fall 7% over the past month, shortly after setting a new historic high earlier in 2024. However, Lee attributed this downturn partly to concerns over payouts from Mt. Gox, a cryptocurrency exchange that declared bankruptcy a decade ago, locking up approximately $9 billion worth of cryptocurrencies.
The trustee overseeing the exchange’s bankruptcy announced plans to commence repayments to around 20,000 users starting this month. According to K33 Research, expectations surrounding this event recently pressured cryptocurrency prices. There are fears that these distributions could lead to significant sell-offs in Bitcoin, as investors look to cash in on substantial gains accrued since their accounts were locked a decade ago.
Lee, nonetheless, predicted that the impact of these repayments would gradually diminish and forecasted another substantial rise in Bitcoin before the end of the year.
“Bitcoin could face some influence from the Mt. Gox distribution starting in July. It’s been a huge uncertainty over the years, but if I were investing in cryptocurrencies, knowing one of the biggest uncertainties will be removed in July, I think that’s a reason to anticipate a strong rebound in the latter half of the year,” he remarked.
Other Bitcoin forecasters remain optimistic this year, particularly amidst indications of a potential Federal Reserve rate cut. Bitcoin prices have rebounded strongly after a tumultuous 2022, reclaiming all lost ground and setting a new historical high around $73,000 this year.


Whether it’s Biden or Trump in the White House next year, Mike Novogratz, CEO of Galaxy Digital, remains bullish on crypto legislation.
Inevitability of Crypto Legislation: Mike Novogratz
Despite stark differences between the two leaders on crypto policy, the billionaire insists that crypto logically should be a bipartisan concern and that he is moving in that direction.
Novogratz told CNBC on Tuesday, “We’re going to get positive crypto legislation no matter who wins the next election—I know that,” emphasizing he’s “not a one-issue voter.”


Between hostile legislative proposals and a series of enforcement actions by the SEC under Democratic control, the Biden administration and progressive members of Congress have faced severe criticism from Novogratz and other crypto industry leaders for potentially stifling blockchain business growth nationwide.
In contrast, many industry leaders support former President Donald Trump’s potential 2024 presidential candidacy, as Trump recently shifted towards advocating for Bitcoin.
Following last week’s presidential debate, the cryptocurrency prediction markets now widely predict Trump to win the election. The likelihood of Vice President Kamala Harris replacing Biden as the Democratic nominee is also increasing.
Nevertheless, even if Trump doesn’t win, Novogratz notes a shifting attitude towards cryptocurrencies within the Democratic Party.
He said, “Aside from Elizabeth Warren and a handful of others, most Democrats are very supportive of innovation and crypto technology.”
In May, the House passed several bills supporting cryptocurrencies, including the Comprehensive FIT21 Act aimed at providing a clear regulatory framework for domestic operations of cryptocurrency companies. The bill garnered overwhelming bipartisan support with 208 Republicans and 71 Democrats voting in favor.
Where’s the Bull Market for Bitcoin?
The CEO also commented on Bitcoin’s second-quarter price stagnation, acknowledging that its first-quarter surge would take time to “digest.” Nevertheless, massive government spending under both Trump and Biden administrations is expected to continue driving up asset prices.
Novogratz remarked, “As far as increasing debt, these two presidents are the worst we’ve had in our country’s history. Unless the government truly stops squandering like a drunken sailor… I think having Bitcoin as a core asset makes complete sense.”
Over the past five trading days, Galaxy Digital (GLXY) stock has risen by 14.95%.