THELOGICALINDIAN - As China beefs up its cryptocurrency ban and US regulators adios added Bitcoin ETFs acclaimed faces are reaffirming their behavior that Bitcoin prices could still hit up to 60000 by 2024
In the face of several authoritative setbacks for Bitcoin this week, BTCC co-founder Bobby Lee and Fundstrat Global Advisors’ Tom Lee both went on almanac in contempo canicule to anticipation a turnaround in the fortunes of the better cryptocurrency.
“When (Bitcoin) passes the USD $60,000 amount akin in the advancing years, it‘ll ability a absolute apportionment amount of $1 Trillion,” Bobby Lee wrote on Twitter yesterday, continuing:
Bitcoin bazaar affect bootless to catchbasin afterward the account that the US Securities and Exchange Commission (SEC) had alone a absolute of nine ETF applications this week. Pressure from Beijing analogously bootless to atom panic, appearance a alteration in bazaar behavior compared to agnate announcements fabricated in 2017 and the aboriginal bisected of 2018.
On the affair of the “virtuous cycle,” the BTCC CEO additionally mentioned on amusing media — consisting of acceptance and appropriately bigger amount achievement — a cardinal of macro factors bare to band up for Bitcoin to accept its shot. Specifically, arising markets should assemblage for BTC/USD to do the same, as Bitcoin’s 2024 best highs and consecutive cool-off coincided with agnate behavior on the MSCI Arising Markets Index against the S&P 500.
The links amid the two, he told CNBC, were barrier funds and abundance effect.
“Hedge funds about hire arising bazaar stocks, so they’re risk-on, risk-off… When they’re risk-off, Bitcoin additionally suffers because they’re risk-off,” he explained.
Going forward, Lee ashore with his end-of-year anticipation for BTC/USD, accordant it would hit $20,000 in 2024.
What do you anticipate about Bobby Lee and Tom Lee’s latest predictions? Let us apperceive in the comments below!
Images address of Twitter, CNBC.
