Bitcoin Could Surge Past $250,000, Says Tom Lee Citing BTC Halving Cycles And US Government Adoption
Fundstrat‘s head of research Tom Lee reiterates his forecast that Bitcoin (CRYPTO: BTC) could surge beyond $250,000 within the next 12 months, citing cryptocurrency halving cycles and potential government adoption as key drivers.
What Happened: Lee points to Bitcoin’s recent halving event, which reduced the new supply of tokens, as a crucial factor supporting price momentum. “The sweet spot for price gains, as the supply is cut, typically starts toward the end of this year and continues into next year,” Lee said in a recent interview with Former White House Communications Director Anthony Scaramucci.
The prediction comes as Bitcoin has already demonstrated significant growth in 2024, gaining 121% and breaking past the $100,000 mark. The cryptocurrency market’s total capitalization has nearly doubled to $3.28 trillion from $1.65 trillion during the year.
Lee’s bullish outlook is partially based on the President-elect Donald Trump administration’s pro-Bitcoin stance. “The possibility of the U.S. not only legitimizing Bitcoin but also making it a strategic reserve asset raises the potential price scenarios,” he noted.
See Also: Crypto Analyst Foresees Dogecoin Price Rebound As Whales Increase Holdings
Why It Matters: The strategy appears to mirror that of MicroStrategy Inc. (NASDAQ:MSTR), which has successfully used Bitcoin as a balance sheet asset. Lee suggests that if the U.S. government acquires its targeted one million Bitcoin, it would become the world’s largest holder, significantly boosting the cryptocurrency’s legitimacy.
Despite the optimistic forecast, recent market data shows crypto trading volumes have dropped 64% to seven-week lows, according to analytics platform Santiment. This decline comes even as large investors continue to accumulate positions.
The digital asset’s trajectory has been supported by several catalysts in 2024, including spot exchange-traded fund listings and broader institutional acceptance, though current holiday trading remains subdued.
Price Action: Bitcoin is trading at $93,444.40, down 0.21% today. Year to date, the cryptocurrency has surged by $49,240.03, marking a remarkable gain of 111.39%, according to data from Benzinga Pro.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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