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Tom Lee, the managing partner and head of research at Fundstrat Global Advisors, stuck to his earlier prediction that Bitcoin (CRYPTO: BTC) may hit $150,000 later this year.
What Happened: In an interaction on CNBC, Lee was asked about his bold prognosis from March, despite the King Crypto’s turbulent volatility and recent drop below $60,000.
In response, Lee, who is one of the major strategists on Wall Street, admitted that Bitcoin was suffering from bankrupt exchange Mt. Gox's planned disbursement of $9 billion worth of coins starting this month.
However, he believed the market could ascend once the sell-offs are completed in July.
"If I was investing in crypto, knowing that one of the biggest overhangs is going to disappear in July, I think it’s a reason to expect a sharp rebound in the second half," Lee noted.
See Also: Shiba Inu Lead Developer Shytoshi Kusama Stirs Up Crypto World With Mysterious Post: ‘I’ve Been Shy And Quiet These Past Few Years… But It’s Time That Changes’
Why It Matters: Lee's prediction mirrored that of JPMorgan analysts, who suggested that the bulk of Mt. Gox liquidations could occur in July, potentially pressuring cryptocurrency prices before a rebound in August.
Lee is known for accurately predicting many big rallies in cryptocurrencies. Back in 2017, he said that Bitcoin could shoot up to $55,000 by 2022. The King Crypto eventually reached $69,000 a year earlier.
Price Action: At the time of writing, Bitcoin was exchanging hands at $60,860.32, down 3.35% in the last 24 hours, according to data from Benzinga Pro.
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Posted In: $BTC
