Respected Wall Street analyst Tom Lee, who successfully called the rally in U.S. stocks last year, now says that the price of Bitcoin (BTC) could reach $150,000 U.S.
Lee, who is Head of Research at FundStrat Global Advisors, said in an interview on CNBC that he remains extremely bullish on Bitcoin and cryptocurrencies in general.
“You have demand improving with the new ETFs, you have supply shrinking with the halving, and if monetary policy eases which we expect, that's supportive for risk assets,” said Lee.
Lee's comments come as the price of Bitcoin continues to rise. The largest cryptocurrency by market capitalization is currently trading at $51,400 U.S., its highest level in two years.
Lee said on CNBC that “Bitcoin's been holding up… I do not think a drawdown is going to start (anytime) soon.”
Bitcoin has been rallying since the end of January after the U.S. Securities and Exchange Commission (SEC) approved spot Bitcoin exchange-traded funds (ETFs) for the American market.
In a little more than a month, a dozen newly launched spot Bitcoin ETFs have attracted more than $10 billion U.S. of capital from both retail and institutional investors.
Lee said that the current momentum in cryptocurrencies could drive the price of Bitcoin as high as $150,000 U.S. by year’s end.
The forecast by Lee is among the most bullish on Wall Street. Other analysts are warning of a potential pullback in Bitcoin after its price has rallied 112% over the last 12 months.
