Tom Lee: Bitcoin Price Drop a Buying Opportunity, Predicts $150K Target
Fundstrat co-founder Tom Lee remains bullish on Bitcoin, stating that the recent price drop is not indicative of a peak.
Speaking on “Speak Up” with investor Anthony Scaramucci, Lee labeled the recent dip as a bear trap, presenting a potential buying opportunity.
Despite April’s market turmoil, Lee believes Bitcoin’s value will continue to rise.
Bitcoin’s price has rebounded by 2% in the last 24 hours, reclaiming the $64,000 mark after briefly dropping to $56,000 on May 1.
Lee previously predicted Bitcoin could reach $150,000 by 2024, even though it’s currently down 16.2% from its all-time high of $73,737.
Lee asserts that Bitcoin’s intrinsic value lies in its technology and security, dubbing it “the purest form of trust.”
READ MORE: Bitcoin Bottomed Out, Gradual Recovery Expected – Arthur Hayes
Despite limited everyday use, Lee argues its utility and robustness as an asset class make it resilient.
Bitcoin’s 15-year history further supports its legitimacy, with Lee noting the absence of trillion-dollar markets disappearing within such a timeframe.
He believes the sheer size of the Bitcoin market makes its collapse unlikely, highlighting increasing institutional support, including from firms like BlackRock offering spot Bitcoin ETFs.
These factors, according to Lee, contribute to Bitcoin’s potential to maintain its value over the long term.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
