In an interview with CNBC, Tom Lee, co-founder and head of research at Fundstrat Global Advisors, has reminded investors holding over $6 trillion in cash to adopt the Bitcoin (BTC) way. Lee reiterated his end-of-year (EOY) Bitcoin price prediction of $150,000, fueled by global macroeconomic fundamentals.
According to Lee, investors seeking a 5 percent yearly return from the S&P500 will have to change their investment strategy by the end of this year.
“I think the end of this year will be a day of reckoning for those sitting on cash, earning 5%,” Lee said.
Lee added that the Bitcoin price will outshine the ongoing Mt.Gox funds distribution after registering over 50 percent return year-to-date. Moreover, amid the highly contested general elections, the Fed is expected to cut its benchmark interest rates later this year.
Market Picture
As the crypto market sellers get overly exhausted, Bitcoin price is back above a crucial support level. According to an analysis provided by IntoTheBlock, of the Bitcoin addresses active in the past day, around 237k have acquired their BTCs between $61k and $62.6k, thus showing significant demand in the current price range.
After closing above $62k for the first time in the six-month candlestick, Bitcoin price is well positioned to rally further in the coming quarters.
Meanwhile, the crypto market is largely focused on the upcoming listing of spot Ether ETFs, which is expected to trigger a fresh cash inflow to the altcoin industry.
From a bigger perspective, the altcoin market could register much higher returns than Bitcoin in the second half of 2024. Moreover, Bitcoin dominance is on the cusp of a major reversal, triggering heightened crypto cash rotation.
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