Can BTC Reach $150,000 This Year?

TL;DR

• Bitcoin (BTC) hit an all-time high of over $73,000 in mid-March 2024, with predictions it could reach $150,000 by year-end.
• Analysts see potential for a BTC rally if it surpasses key resistance levels, with targets around $65,000 to $67,000 to be reached sometime this month.

BTC is Yet to Make the Headlines?

Despite the downfall in the past month, 2024 has so far been quite successful for the primary cryptocurrency, whose price hit an all-time high of over $73,000 in mid-March. Some analysts and prominent figures believe the asset might reach new impressive peaks before the end of 2024, with Tom Lee being one example.

The American entrepreneur reiterated his prediction that BTC could rally to $150,000 in the following months. Lee claimed that the asset’s valuation has been negatively affected lately due to the issues related to the now-defunct crypto exchange Mt. Gox.

The once-leading platform suspended operations a decade ago and filed for bankruptcy protection. It also lost approximately 850,000 BTC due to hacking and alleged mismanagement. Most recently, the court-appointed trustee overseeing the exchange’s bankruptcy proceedings announced that the company will begin paying back thousands of users almost $9 billion worth in assets.

“Bitcoin’s probably been suffering from the Mt. Gox which was a huge overhang for many years. But if I was investing in crypto and knowing that one of the biggest overhangs is going to disappear in July, I think it’s a reason to expect a pretty sharp rebound in the second half. So, I think $150K is still within,” Lee said.

It is worth mentioning that the American has not always been spot-on with his crypto forecasts. At the end of 2020, he predicted that Bitcoin’s price could tap $120,000 in 2021. The asset experienced a substantial bull run that year but could not exceed the $70K level.

Other Bets

Numerous cryptocurrency analysts touched upon BTC’s price lately, envisioning a rally if the asset surpasses certain resistance levels. The X user Jelle claimed that Bitcoin’s “local market structure continues to improve,“ adding that a sustained trading above $61,500 could lead to a “test of that $65,000 area.“

“Break that, and we’re off to the races,“ the analyst suggested.

Michael van de Poppe gave his two cents, too. He believes BTC could settle at the $61,000-$61,500 support zone and rise above $67K this month.

#Bitcoin is looking for a higher low and support. It seems very likely that we’ll be looking at the $61-61.5K area.

A slow grind upward is what I’m expecting for the markets in July. pic.twitter.com/LHnXTydh8P

— Michaël van de Poppe (@CryptoMichNL) July 2, 2024