• Fundstrat’s Tom Lee said Bitcoin could reach $150,000 this year thanks to ETFs, halving and Fed rate cuts.
• Bitcoin’s recent rally has stalled, falling below $53,000, and other analysts say the price could remain depressed for some time.

Bitcoin (BTC) may have stalled over the past week. However, Tom Lee, head of research at FundStrat, further reinforced his bullish outlook, saying that the market could reach $150,000 (approximately 22.5 million yen, at an exchange rate of 150 yen to the dollar) this year. He said there is.

“Demand is improving with the new ETFs, but supply is shrinking with the halving, and if we get the monetary policy easing that we’re hoping for, there will be a tailwind for risk assets,” Lee said on CNBC on Monday. It will be,” he said.

Bitcoin is “holding up”

Lee’s comments come as Bitcoin appears to have lost its upward momentum. Bitcoin has risen 35% in the past few weeks to hit a 26-month high of $53,000. However, it has recently dropped 1.8% over the past 24 hours to $50,900. Bitcoin has held up better than the CoinDesk 20, which measures the performance of top-trading crypto assets (virtual currencies), which fell 3% during the same period.

Lee isn’t concerned, saying, “Bitcoin is holding up,” adding, “I don’t think we’ll see a drawdown that soon.”

However, other analysts say that Bitcoin may remain weak for some time.

A decline is expected in the short term

Joel Kruger, market strategist at LMAX Group, cited the potential for volatility from changes in central bank policy and the fallout from the global macroeconomic downturn, which could temporarily impact the crypto asset market in the short term. This showed the need to be careful. However, he noted that any downturn would be an opportunity to take a strategic position.

Analyst firm Swissblock said in a market update on Monday that while the overall picture for Bitcoin remains bullish, a pullback could occur first before the uptrend resumes.

Analysts at Swissbloc said: “Although prevailing sentiment points to a possible continuation of the upward trajectory, the current scenario calls for a period of consolidation and even a pullback to the $47,500 support level. “This adjustment will help alleviate excessive volatility and strengthen market stability ahead of further upward movement.”

｜Translation and editing: Rinan Hayashi
｜Image: CoinDesk
｜Original text: Bitcoin Could Hit $150K This Year, Says Fundstrat’s Tom Lee