The chief investment officer of a financial research boutique believes Bitcoin (BTC) could face a supply shock once it crosses the $100,000 price level.
In a new CNBC interview, Fundstrat’s Tom Lee says Bitcoin’s scarcity is becoming a problem for crypto exchanges.
Lee says the dwindling supply of available BTC will likely be felt once Bitcoin breaks the psychological price point of $100,000.
“I think some of this could be – there are a lot of people who don’t want Bitcoin above $100,000 and some of it could be the exchanges themselves. [that] are concerned because there is very little Bitcoin available without a prescription.
So you have a supply shortage, and if Bitcoin gets above $100,000, I think there will be a big chase.
So I’m still convinced that Bitcoin will close much higher before the end of the year… Well above $100,000 before the end of the year. It’s only a matter of time.”
Recently, Lee stepped up for an interview with SkyBridge Capital founder Anthony Scaramucci to give his 12-month outlook for BTC. According to Fundstrat’s director, Bitcoin could see up to 150% gains from current levels in just one year.
“Over the next twelve months, I think something over $250,000 is possible, but perhaps very likely based on following this price cycle.”
At the time of writing, Bitcoin is trading at $95,844.
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