Bitcoin has been on a remarkable uptrend recently. The leading cryptocurrency has reached ATH levels almost every day this week. Unlike previous peaks, this uptrend seems more sustainable thanks to solid market fundamentals. Bitcoin’s steady growth has attracted a lot of attention, positioning the asset for even more potential upside. Tom Lee of Fundstrat, whose predictions are closely followed by the market, announced his year-end expectation for BTC.
Tom Lee’s Bitcoin forecast for the end of the year: 100 thousand dollars!
Tom Lee from Fundstrat, known for his accurate predictions, shared his latest assessments on CNBC’s ‘Squawk Box’ programme. Lee predicts that the BTC price will rise above the $ 100,000 level this year. In this context, Lee says that six figures are still ‘possible’ for the leading cryptocurrency this year. The Bitcoin bull cites the fact that legal regulations are now decreasing as one of the most important bull catalysts.
Meanwhile, as you follow from Kriptokoin.com, Senator Cynthia Lummis has introduced a bill to create a BTC treasury reserve that will reach 5% of the total supply of the cryptocurrency. Bitcoin evangelists such as Michael Saylor also enthusiastically supported it. However, this proposal is likely to face many legal obstacles. The Fundstrat analyst notes that risk assets also benefited from the dovish Fed. The Fed recently cut interest rates by another 25 basis points. Lee says the Fed made the right decision. Accordingly, ‘I agree with the Fed’s view that we should move towards the neutral level, ie 3%, so I think it is supportive of the markets,’ he says.
Glassnode: Leading cryptocurrency is gaining strength!
According to the analysis company Glassnode , the Realised Value of Bitcoin (BTC) has increased by 3.8% in the last 30 days. Thus, it marked one of the most significant entry levels since January 2023. This increase reflects increased investment activity and growing confidence in the value stability of cryptocurrency. ‘Realised Cap is currently trading at an ATH value of $ 656 billion, supported by a net 30-day capital inflow of $ 2.5 billion,’ Glassnode said.
Macro momentum for Bitcoin is also strong. It is also supported by the NVT (Network Value to Transactions) Ratio, which is currently at a three-month low. A lower NVT Ratio indicates that Bitcoin is not overvalued. Moreover, it reduces the possibility of a sudden correction. This undervaluation shown by the NVT suggests that Bitcoin’s growth is not due to speculative excess as in previous rallies. With its value based on trading power, Bitcoin is well positioned to maintain its upward trajectory. It also attracts the confidence and interest of investors who see this as a more stable growth phase.
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