Bitcoin is ‘Sound Money,’ Names 3 Reasons Why BTC Could Tap $150,000 in 2024

Speaking on CNBC’s Squawk Box on Feb. 21, the American entrepreneur said he thinks Bitcoin prices will reach $150,000 this year.

Lee cited three reasons for his bold price prediction, which would involve the asset moving 190% higher than current levels.

“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,”

Tom Lee says #bitcoin is sound money and shares his price predictions. pic.twitter.com/CF5HCukoot

— Michael Saylor⚡️ (@saylor) February 21, 2024

Bitcoin Rally to Continue?

The comments come as BTC appears to have reached resistance at $52,000 following a 30% rally over the past 30 days.

However, Lee appears unfazed, stating that “Bitcoin’s been holding up” before adding, “I do not think a drawdown is going to start that soon.”

When asked about performance over the next five years, he said, “It is sound money, and I think it’s proving to be useful.”

“Its been a great store of value, its been a good risk asset, and its also incredibly secure, there hasn’t been a single fraudulent entry on the blockchain since its inception and I don’t think any bank can say that’s true of their accounting.”

Lee has been a long-time Bitcoin bull, predicting that the asset would reach $200,000 over the next few years.

In the same interview, co-anchor Andrew Sorkin was ridiculed for thinking that a store of value needs to stay the same price.

Moron of the day goes to @andrewrsorkin for thinking a store of value needs to stay the same price. #Bitcoin pic.twitter.com/gGvGkY3b71

— Magoo PhD (@HodlMagoo) February 21, 2024

BTC Price Outlook

Technical analyst “Emperor” has highlighted major support zones leaning towards a market correction. There is key support at $49,000, which, if broken, could lead to further declines and “major lows,” he said.

Bitcoin Price Update

1. Previous Month’s (January) High Remains a very important retest level. This level was retested as support after breakout before the push to $53,000.

2. Range Low on LTF has been swept right now. Let’s see if this liquidity is enough to push price… pic.twitter.com/WKiAKtYQmI

— Emperor👑 (@EmperorBTC) February 21, 2024

The asset was trading down 1% on the day at $51,507 at the time of writing. However, it remains within the range-bound channel that has formed over the past week.

Crypto market capitalization remains above $2 trillion, but the major assets have started to cool after a frothy week. Ethereum, Solana, Ripple, and Cardano have all dropped a couple of percent, and only Binance Coin is making gains at the moment.