The chief funding officer of a monetary analysis boutique believes that Bitcoin (BTC) may face a provide shock as soon as it clears the $100,000 value stage.
In a brand new CNBC interview, Fundstrat’s Tom Lee says Bitcoin’s shortage is beginning to be an issue for crypto exchanges.
Lee says the dwindling provide of accessible BTC on the market will probably be felt as soon as Bitcoin shatters the psychological value level of $100,000.
“I believe a few of this could possibly be – there’s plenty of people who don’t need Bitcoin over $100,000 and a few of it might be the exchanges themselves [that] are involved, as a result of there’s a fairly low provide of Bitcoin out there over-the-counter.
So you might have a provide scarcity, and if Bitcoin makes a transfer above $100,000, I believe there could be an enormous chase.
So I’m nonetheless assured Bitcoin’s going to shut a lot increased earlier than year-end… Properly above $100,000 earlier than year-end. It’s only a matter of time.”
Lately, Lee hopped on an interview with SkyBridge Capital founder Anthony Scaramucci to offer his 12-month outlook for BTC. In keeping with the Fundstrat government, Bitcoin may witness as much as 150% positive aspects from present ranges in only one 12 months.
“Over the subsequent twelve months, I believe one thing over $250,000 is feasible, however perhaps extremely possible primarily based on simply following this value cycle.”
At time of writing, Bitcoin is buying and selling for $95,844.
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