Tom Lee: Bitcoin will grow in value by more than 137% by the end of the year

Tom Lee, managing partner and head of research at Fundstrat Global Advisors, believes that bitcoin BTC $55,874.40 Bitcoin -2.20% Market capitalization $1.1 trillion VOL. 24 hours $2.68 billion will end the year «on a high.» In a new interview with CNBC, Lee said that the market’s flagship could reach $ 150,000 in 2024, which is more than 137% more than its current value.

One reason for optimism about bitcoin is that the closed cryptocurrency exchange Mt. Gox will finally start paying creditors approximately 142,000 BTC, which is almost equal to $ 9 billion. Compensation to depositors will begin in July and last until October. Many crypto experts believed that these payments would have a negative impact on the market, but Lee argues that, on the contrary, it could lead to a sharp increase.

At the time of writing, bitcoin is trading at $ 60,499, which is almost 3.5% lower than a day ago. Lee also foresees stocks rising by the end of the year, noting that S&P 500 earnings for 2025 look stronger than expected at the beginning of the year.

According to the expert, bitcoin usually «makes most of its gains» during ten days a year. If we exclude these top ten days, the main cryptocurrency «will have negative returns.» That is why Lee believes that $ 150,000 per bitcoin is quite possible to reach this year.