The managing partner and head of research at Fundstrat Global Advisors, Tom Lee, expressed confidence in Bitcoin’s performance for the remainder of the year in a recent CNBC interview. Lee anticipates that Bitcoin (BTC) could potentially reach $150,000 by the end of 2024, marking a substantial 137% increase from its current valuation.

One significant factor bolstering Lee’s optimism is the upcoming distribution from the defunct crypto exchange Mt. Gox, scheduled to repay creditors with approximately 142,000 BTC, valued at nearly $9 billion, between July and October. This event, long viewed with apprehension by some as potentially bearish for Bitcoin, is now seen by Lee as a pivotal moment that could alleviate a longstanding market overhang.

Lee remarked, “Bitcoin has likely been weighed down by the anticipation of Mt. Gox’s distributions starting in July. This has been a major concern for many years. However, anticipating this overhang to dissipate is reason enough to expect a significant rebound in the latter half of the year. Therefore, I still believe $150,000 is achievable by year-end.”

Highlighting Bitcoin’s volatile nature, Lee pointed out, “It’s important to note that Bitcoin tends to achieve most of its gains in just a few trading days each year. Excluding these top days, its annual returns could turn negative.”

As of the latest update, Bitcoin is trading at $63,124, reflecting a nearly 3% increase over the past 24 hours.

In addition to his outlook on Bitcoin, Lee also shared his expectations for the stock market, predicting that stocks will close the year higher than current levels. He cited stronger-than-expected 2025 earnings projections for the S&P 500, potentially reaching between $275 to $285 per share. Lee speculated that despite a robust first half, the second half may not match its intensity but should still build upon earlier gains due to favorable economic conditions.

In conclusion, Lee remains optimistic about both Bitcoin and stocks, expecting positive trends to continue through the remainder of the year.

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