Bitcoin is currently encountering resistance at its upper range, indicating potential short-term volatility. An analysis by Rekt Capital suggests that Bitcoin historically hasn't broken out of a re-accumulation range so soon after a halving event. With Bitcoin struggling against this high resistance, the cryptocurrency market appears uncertain.
Presently, Bitcoin is valued at $67,264.08, marking a 3.13% decline over the past 24 hours. Trading volume during this period reached $43.099 billion. Despite the recent dip, Bitcoin's market capitalization remains strong at $1.325 trillion. The circulating supply stands at 19.702 million BTC, with a maximum supply of 21,000,000 BTC.
Meanwhile, veteran crypto market commentator Tom Lee maintains an optimistic outlook for Bitcoin in 2024. In a recent CNBC interview, Lee, Managing Partner and Head of Research at Fundstrat Global Advisors, reiterated his bullish price prediction, suggesting Bitcoin could reach $150,000 by 2024.
Lee's optimism is grounded in his belief that Bitcoin is still in the early stages of an upcycle, potentially achieving a six-figure price within the year. This projection represents a significant increase from the recent all-time highs, which peaked in March before declining to $56,000 in May.
Lee's bullish stance is supported by anticipated macroeconomic shifts in the US. He highlights the Federal Reserve's recent dovish stance on interest rate cuts as a crucial factor for risk asset traders. Lee suggests that the market's recovery is partly due to the Federal Reserve's softer stance on interest rates, which he believes will benefit Bitcoin's price trajectory.
It's worth noting that Tom Lee is known in the cryptocurrency industry for his bullish Bitcoin price forecasts. While not all his predictions have materialized, his long-term outlook has consistently rewarded Bitcoin investors. Lee's recent estimate aligns with the views of many analysts who anticipate significant growth for Bitcoin in the coming years.
May 2024, Cryptoniteuae