Tom Lee, Fundstrat’s head of research, is predicting that Bitcoin could potentially reach an ATH of $250,000 by year-end.
Lee shared his latest price outlook for Bitcoin during an interview on CNBC’s Squawk Box today, where he discussed the latest market trends for BTC.
Lee Remains Confident in Bitcoin Despite Recent Dip
During the interview, Squawk Box’s host Joe Kernen highlighted Bitcoin’s recent price swings, which saw the asset plunge from its all-time high of $111,970 to the $104,000 mark. Despite the retracement, Lee remained optimistic about the asset’s prospects, asserting that Bitcoin is consolidating around this level.
He suggested that Bitcoin has great stats, given that 95% of BTC has already been mined. For perspective, roughly 19.87 million Bitcoins, representing around 95% of Bitcoin’s maximum supply of 21 million coins, are currently in circulation.
Despite nearly all Bitcoin currently in circulation, Lee suggested that 95% of the global population does not own BTC. In his view, there is a huge imbalance between Bitcoin’s demand and supply.
Therefore, he speculated that more potential buyers could join the Bitcoin bandwagon over the next 10 years.
Bitcoin to Hit $250K By Year-End.
As a result, he predicted that Bitcoin has massive upside potential this year. Notably, Kernen asked him whether he still thinks Bitcoin will reach its initial forecast of $150,000 by the end of the year.
In response, Lee speculated that Bitcoin could surpass the $150,000 territory and aim for lofty targets of around $200,000 to $250,000. Achieving the $200,000 and $250,000 targets would require Bitcoin’s price to increase by roughly 92.06% to 140.08% from its current level.
Lee Forecasts Bitcoin’s Terminal Value
When asked to forecast Bitcoin’s ‘terminal value’ after the last Bitcoin is mined by 2140, Lee predicted that BTC would at least match gold’s valuation of $23 trillion.
Based on this projection, Bitcoin could trade at a minimum of $1.15 million, assuming only 20 million BTC are in circulation. The use of 20 million BTC rather than the maximum of 21 million is based on assumptions that the entire total supply will never be in circulation due to the permanent loss of certain portions of the asset.
Further, Lee sets bullish terminal targets for Bitcoin, forecasting that it could soar to $2 million – $3 million or even higher. This puts his average terminal target for Bitcoin at $2.5 million, representing a surge of 2,300% from the current value.
As previously reported, leading asset manager VanEck also predicted Bitcoin’s potential rise to the $3 million target. According to Matthew Sigel, VanEck’s head of digital asset research, Bitcoin will reach the $3 million target by 2050, 25 years from now.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
