-
Bitcoin
can
reach
as
high
as
$150,000
this
year
fueled
by
ETFs,
halving
and
Fed
rate
cuts,
Fundstrat’s
Tom
Lee
said. -
Bitcoin’s
rally
has
recently
stalled
below
$53,000
and
prices
may
cool
for
a
while,
other
analysts
suggested.
Bitcoin
(BTC)
may
have
stalled
over
the
past
week,
but
FundStrat
head
of
research
Tom
Lee
doubled
down
on
his
bullish
outlook
and
said
it
could
reach
as
high
as
$150,000
this
year.
“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,”
Lee
told
CNBC
on
Wednesday.
Lee’s
comments
came
as
bitcoin’s
rally
appeared
to
lose
some
steam
following
a
35%
gain
over
the
past
couple
of
weeks
to
$53,000,
its
highest
price
in
26
months.
It
was
recently
changing
hands
at
$50,900,
down
1.8%
over
the
past
24
hours,
holding
up
slightly
better
than
the
broader-market
CoinDesk20
Index’s
(CD20)
3%
decline
during
the
same
period.
Lee
isn’t
worried.
“Bitcoin’s
been
holding
up
,”
he
said
“I
do
not
think
a
drawdown
is
going
to
start
that
soon.”
However,
other
analysts
suggested
that
BTC
may
cool
down
for
a
while.
Joel
Kruger,
market
strategist
at
LMAX
Group,
suggested
caution
in
the
short
term,
noting
potential
volatility
due
to
shifting
central
bank
policies
and
fallout
from
global
macro
weakness,
which
could
temporarily
impact
crypto
markets.
He
added
that
any
downturn
would
provide
an
opportunity
for
taking
strategic
positions.
Analytics
firm
Swissblock
said
in
a
Wednesday
market
update
that
bitcoin’s
big
picture
is
still
bullish,
but
may
experience
a
pullback
to
lower
prices
first
before
resuming
its
uptrend.
“While
the
prevailing
sentiment
suggests
a
potential
continuation
of
the
upward
trajectory,
the
current
scenario
may
necessitate
a
period
of
consolidation
or
even
a
retracement
to
the
$47.5k
support
level,”
Swissblock
analysts
said.
“This
adjustment
would
serve
to
alleviate
excess
volatility
and
reinforce
market
stability
before
potential
further
upside
moves.”
