Bitcoin’s entry into July 2024 did not meet expectations. The king coin went from trading at a high of $67,720 to the $59,000 zone last month. This dip came after the news of Mt.Gox repayments started surfacing. Following the slump the market was looking for an uptick in the BTC market. But at press time, the asset was trading at $62,439 with a 1.19% drop over the last 24 hours. Will Bitcoin have a sharp upswing towards $150,000 or will it stay in its gloomy trend?
Even though the current market sentiment is bleak, certain Bitcoin bulls continue to bet big on the king coin. Tom Lee, the head of research at Fundstrat was confident about BTC reaching a high of $150,000. The analyst believes that BTC will encounter a “sharp” recovery during the second half of the year. Lee said that the Fed will find it difficult to continue its strict monetary policy in the long run.
Also Read: Bitcoin (BTC): Analysts Predict ‘Bullish July’ After 7% Fall in June
Can Mt.Gox Pose as a Hurdle to Bitcoin’s Rise?
July might see a decline in cryptocurrency prices as a result of possible selling pressure from the creditors of the now-defunct cryptocurrency exchange Mt. Gox. But Lee doesn’t appear to be phased by the Mt. Gox FUD. The research head at Fundstrat called the issue a “huge overhang.” The expert says that this bearish aspect will now be irrelevant, which is good news for Bitcoin bulls.
So How High Can Bitcoin Surge This Year.?
According to Changelly’s prediction, the minimum price of Bitcoin in 2024 will be $60,295.93. The price of BTC can go as high as $70,385.07. An average trade price of around $80,474.21 is anticipated. While this is a far cry from Tom Lee’s prediction, some investors continue to big profits.
Also Read: Solana (SOL) Surges 800% This Year, Outpacing Bitcoin & Ethereum