bullish

Bitcoin

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin could potentially reach a new all-time high of $100K before the end of the year, according to analyst Tom Lee.</li>
 <li>The choice of U.S. treasury secretary by President-elect Trump could significantly influence Bitcoin’s future value.</li>
</ul>
<p>Bitcoin’s value could potentially reach a new all-time high, even surpassing the $100K mark before the end of the year. This prediction comes from Tom Lee, a strategic investor and analyst at Fundstrat. The choice of the next U.S. treasury secretary by President-elect Trump could become a significant factor in this scenario.</p>
<h2 id="analyst-s-prediction">Analyst’s Prediction</h2>
<p>In a recent interview with CNBC, Lee expressed his confidence in Bitcoin’s potential rise in value. He stated, “I think comfortably over $100K makes sense before the end of this year.” He also mentioned that the ongoing ‘Trump trade’ and the upcoming Nvidia earnings report could be bullish indicators for Bitcoin.</p>
<p>The market’s expectation for Bitcoin to reach $100K is also influenced by the potential selection of the U.S. Treasury Secretary. Some believe that this choice could determine the creation of a national Bitcoin reserve. However, at present, there is no clear pick for the position, and the likelihood of Trump creating the reserve is estimated at only 33% by Polymarket.</p>
<h2 id="market-expectations">Market Expectations</h2>
<p>Adam Back, the founder of Blockstream, believes that the potential for a U.S. strategic Bitcoin reserve is not yet factored into the market. He suggests that if such a reserve is created, Bitcoin’s value could potentially reach seven figures. This would mean a value of over $1M per Bitcoin. In the near term, Polymarket estimates a 66% chance of Bitcoin hitting $100K by December 2024.</p>
<p>Options traders on Deribit have a similar bullish outlook, with slightly lower odds. They estimate a 24% and 39% chance of Bitcoin reaching $100K by the end of November and December, respectively.</p>
<p>The price chart shows a typical bull pennant on the daily chart. In most cases, the bullish targets for the pattern breakout correspond to the flagpole’s length. This would translate to a price target of over $110K for Bitcoin, similar to the targets options traders are betting on.</p>

Tom Lee’s Predictions: Can Bitcoin Soar to a New High of $110K?

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CoinEagle.com

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