Bitcoin Could Reach $110,000? Analyst Tom Lee Provides Insights on Potential ATH for the Digital Currency
There is speculation that Bitcoin (BTC) might reach a new all-time high and touch the $100,000 mark by the end of the current year. Fundstrat’s analyst and strategic investor, Tom Lee, has shared his estimations regarding the possibility of the cryptocurrency achieving a record high.
During an interview with CNBC on November 18th, Lee expressed his belief that Bitcoin could comfortably surpass the $100,000 milestone before the year concludes. He attributed this potential surge to ongoing market dynamics linked to recent events.
Lee highlighted the continuing ‘Trump trade’ and suggested that the appointment of the U.S. Treasury Secretary by President-elect Trump, along with Nvidia’s forthcoming earnings report slated for November 20th, could serve as bullish catalysts for Bitcoin.
Market Sentiment Towards Bitcoin Reaching $100,000
Some industry experts are speculating that the potential creation of a national Bitcoin reserve could hinge on Trump’s appointment for Treasury Secretary. Currently, there is no definitive choice for this role, leading to uncertain market sentiments.
Blockstream’s Adam Back opined that the market has not yet factored in the possibility of a strategic U.S. Bitcoin reserve, implying significant upside potential. In a scenario where the market anticipates the creation of such a reserve, Back projected a seven-figure price target for Bitcoin.
If Back’s prediction materializes, Bitcoin’s valuation could exceed $1 million per coin. The current market outlook suggests a 66% chance of Bitcoin hitting $100,000 by December 2024.
Furthermore, Deribit, an options trading platform, reflected optimistic sentiments but with slightly lower probabilities. Traders on Deribit assigned 24% and 39% probabilities for Bitcoin reaching $100,000 by the end of November and December, respectively.
Adding to the bullish sentiment is the formation of a typical bull pennant on the daily chart for Bitcoin. Historically, the breakout targets for such patterns often align with the flagpole’s length, indicating a potential price target exceeding $110,000 for Bitcoin.