Bitcoin

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Tom Lee, Fundstrat Global Advisors co-founder, has&nbsp;<a href="https://x.com/ArkkDaily/status/1797998088571002893" rel="noopener noreferrer nofollow">defended</a> his highly ambitious $150,000 Bitcoin price target during a recent interview with CNBC.&nbsp;
Lee says that there are tailwinds that are associated with the recent Bitcoin halving.&nbsp;
He has also noted that Bitcoin exchange-traded funds have experienced tremendous inflows. As&nbsp;<a href="https://u.today/bitcoin-etfs-show-staying-power-top-analyst-says" rel="noopener noreferrer nofollow">reported by U.Today</a>, these products are currently experiencing significant momentum, reaching a 15-day streak of uninterrupted inflows. BlackRock's IBIT alone has surpassed $20 billion in total assets under management.&nbsp;
Lee has added that institutional infrastructure around Bitcoin is only in its nascent stage.&nbsp;
Widening ownership will be propelling the largest cryptocurrency to $150,000, according to Lee. "Bitcoin still follows math," Lee added. More than 87% of Bitcoin moves still follow the number of wallets and wallet activity, and both are moving higher, according to the analyst.&nbsp;
As&nbsp;<a href="https://u.today/tom-lee-doubles-down-on-150000-bitcoin-price-call" rel="noopener noreferrer nofollow">reported by U.Today</a>, the permabull also doubled down on his $150,000 in May, citing declining inflation in the second half of the year as one of the key bullish catalysts.&nbsp;
As of June 2, the largest cryptocurrency is trading at $70,156, according to CoinGecko data.&nbsp;
During his most recent on "Squawk Box," Lee said that inflation was coming in "softer than expected." The jobs market is cooling, but it is not weakening dramatically, which is a "good situation" for US equities, according to Lee.&nbsp;
Following the August sell-off, Fundstrat expected the markets to rebound in May, but it now seems like June might be a stronger month.&nbsp;

Fundstrat's Tom Lee Stands by $150,000 Bitcoin Price Target

U_Today

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