Can It Still Reach $150K by End of 2024?

Not long ago, we heard calls for Bitcoin to reach US$150K (AUS$225K) – or even more in some cases – by the end of 2024. After rallying from below US$40K (AU$60K) in January to new all-time highs in March it has basically been trading in a similar range, hovering just over US$61.5K (AU$92K) at the time of writing.

With half of 2024 over, many now question if the bull market has ended, while others still expect US$150K by year’s end.

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According to Fundstrat Analyst $150K Still Doable in 2024

Take Fundstrat’s Tom Lee, who just went on the record with CNBC’s Squawk Box, saying exactly that. Lee admitted that Mt. Gox had spooked the markets and was certainly responsible for some of the recent lacklustre price performance. Mt. Gox, a Japanese crypto exchange, was hacked 10 years ago, and it took this long for customers to receive compensation.

While some had already received repayments, July 2024 is when a large amount of BTC is expected to be refunded and potentially sold. However, Lee said that may not be of as much concern as many believe.

If I was investing in crypto, knowing that one of the biggest overhangs is going to disappear in July, I think it is a reason to expect a pretty sharp rebound in the second half.

Tom Lee, Fundstrat

Which is why Lee doesn’t see his US$150K thesis invalidated. Lee reveals that BTC mostly returns losses, but he expects that gains toward that lofty $150K goal could come in a short burst of just 10 days.

Bitcoin makes most of its gains within 10 days every year. If you take out the 10 best days in a single year, Bitcoin actually has negative returns.

Tom Lee, Fundstrat

Cycle Could Expand Into 2025, Data Shows

Digital asset data and index provider CCData said a new all-time high is still very much possible for Bitcoin this bull cycle. Based on previous bull markets, their analysis is that we may see a peak in 2025 and another high even this year.

While they acknowledged the current sideways action, they said “the data and previous trends are strong enough to suggest that any sideways price action is temporary”.

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We are likely to breach the previous all-time highs once again before the end of the year.

CCData

CCData observed that Bitcoin’s price surges occur swiftly, with the majority of gains – 91.4% in 2012, 78.8% in 2016, and 71.5% in 2020 – happening in the four months leading up to each cycle’s peak.

Such parabolic expansion is yet to be made in the current cycle.

CCData