Is Bitcoin Set to Surge to $150,000? Wall Street Analysts Think So

Title: Analysts Predict Bitcoin Could Surge to $150,000 by End of 2024

The cryptocurrency market is known for its volatility, with prices often experiencing significant fluctuations. Bitcoin, the largest cryptocurrency in the market, recently hit an all-time high earlier this year, reaching $73,750 before pulling back to around $60,000 per Bitcoin. However, two Wall Street analysts believe that another big move higher could be in the cards for Bitcoin.

According to analysts Tom Lee from Fundstrat and Geoff Kendrick from Standard Chartered, Bitcoin could potentially surge to $150,000 by the end of 2024, representing a 150% increase from its current levels. Both analysts expect the cryptocurrency to surpass its previous all-time high later this year.

One of the recent challenges for Bitcoin has been the impending release of funds from the defunct Mt. Gox Bitcoin exchange, which filed for bankruptcy protection in 2014. The exchange suffered a devastating hack, resulting in the loss of over 850,000 Bitcoin. However, the Mt. Gox trustee has announced plans to start returning some of the lost funds to creditors, potentially putting downward pressure on Bitcoin’s price.

Despite this challenge, analysts believe that the resolution of the Mt. Gox issue could actually be a positive catalyst for Bitcoin. With the overhang of potential selling pressure nearly eliminated, there is optimism for a sharp rebound in the second half of the year. Both Lee and Kendrick see significant potential for Bitcoin’s price to continue rising, with Kendrick highlighting macro events like the U.S. election as potential drivers.

One of the key factors driving Bitcoin’s long-term price appreciation is the growing adoption of the cryptocurrency within institutional portfolios. The approval of new spot Bitcoin ETFs earlier this year has made it easier for institutional investors to invest in Bitcoin, with many hedge fund managers already taking advantage of this opportunity.

As more institutions continue to invest in Bitcoin and supply growth slows, there is significant potential for the cryptocurrency’s price to move higher. While reaching $150,000 by the end of the year is uncertain, Bitcoin has a history of making large moves in a short amount of time. For those bullish on Bitcoin, now may be the best time to invest.

Overall, the outlook for Bitcoin remains positive, with analysts predicting further price appreciation in the coming months and years.