- Fundstrat and Bitmine’s Tom Lee is confident that Bitcoin will have a price surge between $150,000 and $200,000 by the end of the year.
- 10x Research’s Markus Thielen sees a more measured approach in BTC accumulation from investors despite uncertainty over the Fed’s next move and current bearish market sentiment.
- Will BTC’s “digital gold” narrative fuel its rally amid the ongoing macro uncertainty?
Bitcoin Price Momentum Builds Up for an End-of-the-Year Rush
Thomas “Tom” Lee, Chairman of Bitmine and co-founder and Head of Research of Fundstrat, has recently doubled down on his $150,000 to $200,000 price prediction for Bitcoin (BTC) by year-end. He shared his bold forecast at an interview with CNBC on Monday amid the bearish market sentiment following what he considered the “biggest liquidation in the history of crypto” and a “margin tsunami” last October 10 that trumped even the FTX crash.
Lee believes the market is consolidating at this point, and it’s only pausing before the bigger rally. Fueling his bearish outlook heading to December are strong fundamentals in the crypto market, driven by strong Ethereum (ETH) and stablecoin volumes and all-time high (ATH) application revenues. Interestingly, he added that ETH could ride BTC’s momentum to $7,000 peak.
Investors Taking a More Measured Approach in Bitcoin Accumulation
Markus Thielen, CEO and Head of Research at 10x Research, echoed the same analysis as Lee. According to his report on Tuesday, Bitcoin is “testing its final support,” which indicates that it may be on its final line of defense.
Nonetheless, Thielen sees a sharp recovery ahead as many institutions are exhibiting a more disciplined approach in accumulating digital assets. Their behavior is no longer just chasing after trends or speculations. Instead, their tactics are gradually becoming one that favors careful positioning and management of flows before the next bullish phase of the market.
Despite the US Federal Reserve’s divided stance on where its monetary policy is heading next, the 10x Research boss highlighted that investors are more focused on understanding the dynamics to stay ahead of the game as it could dictate the “difference between catching the turn, or missing it entirely.”
The ‘Digital Gold’ Narrative Playing Out
On the other hand, a related post from 10x Research on X warned about the steady unwinding of early market entrants. Additionally, it raised cooling demand in spot Bitcoin exchange-traded funds (ETFs), as shown in the hundreds of millions of consecutive negative inflows from the October 29 to November 3 trading days totaling -$1.337.2 billion.
The analytics company claimed this week’s trend will determine whether investors will treat the current dip as an opportunity to reposition their capital or continue to rotate their money in other opportunities. Furthermore, the present economic uncertainty will test whether the macro-driven allocators will favor the “digital gold” narrative for Bitcoin. This could fuel its next leg of acquisition from people and institutions looking to hedge their wealth into the gold alternative.
Disclaimer: The facts presented in this article are only for informational purposes. They do not serve as financial advice or product recommendations from the author or the Blockzeit team.
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