Key Points
- Bitcoin may reach a new all-time high of $100K by the end of the year, according to Fundstrat’s Tom Lee.
- President-elect Trump’s choice for U.S. treasury secretary could influence this prediction.
Bitcoin, or Bitcoin (BTC), could potentially hit a new all-time high and reach the $100K mark before the end of this year.
Fundstrat’s strategic investor and analyst, Tom Lee, believes that this milestone could be reached soon, particularly after President-elect Trump appoints the next U.S. treasury secretary.
Market Expectations and Influences
In a recent interview, Lee stated that he believes Bitcoin could comfortably exceed $100K before the year’s end. He also mentioned that the ‘Trump trade’ is still ongoing and that Trump’s choice for U.S. treasury secretary, along with Nvidia’s upcoming earnings report, could be bullish triggers for BTC.
Some market experts suggest that Trump’s choice for Treasury Secretary could influence the creation of a national BTC reserve. At the moment, there is no clear candidate for the position, and the market has priced in a mere 33% chance of Trump creating the reserve.
In response to the uncertain market outlook, Blockstream founder Adam Back believes that the potential U.S. strategic BTC reserve has not yet been factored into the price. He predicts a seven-figure price target for BTC if the market starts to anticipate the creation of the reserve.
Price Predictions and Market Speculations
If Back’s prediction comes true, this would equate to a price of over $1M per BTC. Currently, the market is pricing in a 66% chance of BTC hitting $100K by December 2024.
Options traders on Deribit have slightly lower odds, pricing in 24% and 39% chances of BTC reaching $100K by the end of November and December, respectively.
The price chart has formed the typical bull pennant on the daily chart. In most cases, the bullish targets for the pattern breakout correspond to the length of the flagpole. This would translate to a price target of over $110K for BTC, aligning with the targets that options traders are betting on.
