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Home»Bitcoin»Bitcoin to $110,000? Analyst Tom Lee weighs in on BTC’s ATH chances
Bitcoin

Bitcoin to $110,000? Analyst Tom Lee weighs in on BTC’s ATH chances

2024-11-19No Comments3 Mins Read
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Posted: November 19, 2024

  • BTC will reach $100,000 before the end of 2024? Tom Lee is confident in this scenario.
  • Why Trump’s choice for US Treasury secretary could be a trigger for the prospects.

Bitcoin [BTC] could set a new all-time high (ATH) and reach the $100,000 target before the end of the year.

According to Tom Lee, Fundstrat’s strategic investor and analyst, the $100,000 milestone could be surpassed soon, especially after President-elect Trump selects the next US Treasury Secretary.

In an interview with CNBC on November 18, Lee said said,

“I think more than $100,000 makes sense before the end of this year.”

Lee added that the “Trump trade” is still ongoing and that Trump’s pick for US Treasury secretary and Nvidia’s earnings report, scheduled for November 20, could be bullish clearing events for BTC.

The market expectation of $100,000 per BTC

Some market experts believe that Trump’s choice of Treasury Secretary could determine whether a national BTC reserve will be created.

At the time of writing, there was no clear choice for the position, and Polymarket estimated only a 33% chance that Trump would create the reserve.

BTC new ATHBTC new ATH

Source: Polymarkt

In response to the tepid market outlook, Blockstream founder Adam Back believed that the US strategic BTC reserve had not yet been priced in.

He predicted a seven-figure price target for BTC if the market led the way in creating the reserve. He said,

“If the US Strategic Bitcoin Reserve happens, prepare for 7-figure bitcoin this cycle. The market is currently skeptical about a meaningful follow-up process, so that is not priced in at all.”

If Back’s seven-figure projection comes true, that would mean +$1M per BTC. In the short term, Polymarket was prices a 66% chance that BTC will reach $100,000 by December 2024.

See also  Bitcoin Volatility Drops: Time to Go Long?

A similar bullish outlook, but slightly lower odds, was seen on Deribit. Options traders on Deribit estimate a 24% and 39% chance that BTC would reach $100,000 by the end of November and December, respectively.

BTC new ATHBTC new ATH

Source: Deribit


Read Bitcoin [BTC] Price forecast 2024-2025


That said, the price chart displayed the typical bull pennant on the daily chart. In most cases, the bullish objectives for the pattern break correspond to the length of the flagpole.

That would translate into a price target of over $110,000 for BTC. This was similar to the BTC targets that traders were betting on.

BTC new ATHBTC new ATH

Source: BTC/USDT, TradingView

Previous: Old Bitcoin, New Moves: All About the Transfer of $35.8 Million to Satoshi Nakamoto-era Whales

Next: MicroStrategy Shares Soar 500%, Now Holding $30 Billion in Bitcoin

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Analyst ATH Bitcoin BTCs chances Lee Tom weighs
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