CoinDesk Report:
Bitcoin did not meet expectations entering July 2024. Last month, Kingcoin dropped from a high of $67,720 to the $59,000 range, following news of repayment concerns at High Peak Mountain. Following the downturn, the market is now seeking a rally for the BTC market. However, as of press time, the asset’s trading price stands at $62,439, marking a 1.19% decline in the past 24 hours. Will Bitcoin surge significantly to $150,000, or will it maintain its subdued trend?
Despite current market sentiment being tepid, some Bitcoin bulls continue to place large bets on Kingcoin. Fundstrat’s head of research, Tom Lee, remains confident in BTC reaching $150,000. The analyst believes Bitcoin will experience a “sharp” recovery in the latter half of this year. Lee suggests that the Federal Reserve will find it challenging to sustain its stringent monetary policy in the long term.
Can Mt.Gox hinder Bitcoin’s rise?
The closure of the now-defunct cryptocurrency exchange Mt.Gox could exert selling pressure in July, potentially driving down cryptocurrency prices. However, Lee appears undeterred by Mt.Gox FUD. Fundstrat’s research lead labels this as a “significant overhang,” noting that bearish aspects are currently immaterial, which bodes well for Bitcoin’s bull market.
So how high could Bitcoin rise this year?
According to Changelly’s forecast, Bitcoin’s minimum price in 2024 is projected to be $60,295.93, with a potential high of $70,385.07. The average expected trading price is around $80,474.21. While this differs significantly from Lee’s predictions, some investors are still poised to reap substantial profits.
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