---
title: "Bitcoin is ‘Sound Money,’ Names 3 Reasons Why BTC Could Tap $150,000 in 2024"
url: https://diffcoin.com/bitcoin-is-sound-money-names-3-reasons-why-btc-could-tap-150000-in-2024/
description: "FundStrat head of research Tom Lee has made a big Bitcoin price prediction for 2024, estimating that the asset will surge to more than double its previous all-time high."
published: 2024-02-22
updated: 2024-02-22
author: "Mila"
site: "Diffcoin"
---

# Bitcoin is ‘Sound Money,’ Names 3 Reasons Why BTC Could Tap $150,000 in 2024

Speaking on CNBC’s Squawk Box on Feb. 21, the American entrepreneur said he thinks Bitcoin prices will reach $150,000 this year.

Lee cited three reasons for his bold price prediction, which would involve the asset moving 190% higher than current levels.

> “You have demand improving with the new ETFs, you have supply shrinking with the halving, and if monetary policy eases which we expect, that’s supportive for risk assets,”

> Tom Lee says [#bitcoin](https://twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw) is sound money and shares his price predictions. [pic.twitter.com/CF5HCukoot](https://t.co/CF5HCukoot)
> 
> — Michael Saylor⚡️ (@saylor) [February 21, 2024](https://twitter.com/saylor/status/1760305133110395144?ref_src=twsrc%5Etfw)

## Bitcoin Rally to Continue?

The comments come as BTC appears to have reached resistance at $52,000 following a 30% rally over the past 30 days.

However, Lee appears unfazed, stating that “Bitcoin’s been holding up” before adding, “I do not think a drawdown is going to start that soon.”

When asked about performance over the next five years, he said, “It is sound money, and I think it’s proving to be useful.”

> “Its been a great store of value, its been a good risk asset, and its also incredibly secure, there hasn’t been a single fraudulent entry on the blockchain since its inception and I don’t think any bank can say that’s true of their accounting.”

Lee has been a long-time Bitcoin bull, predicting that the asset would reach $200,000 over the next few years.

In the same interview, co-anchor Andrew Sorkin was ridiculed for thinking that a store of value needs to stay the same price.

> Moron of the day goes to [@andrewrsorkin](https://twitter.com/andrewrsorkin?ref_src=twsrc%5Etfw) for thinking a store of value needs to stay the same price. [#Bitcoin](https://twitter.com/hashtag/Bitcoin?src=hash&ref_src=twsrc%5Etfw) [pic.twitter.com/gGvGkY3b71](https://t.co/gGvGkY3b71)
> 
> — Magoo PhD (@HodlMagoo) [February 21, 2024](https://twitter.com/HodlMagoo/status/1760347012573118588?ref_src=twsrc%5Etfw)

## BTC Price Outlook

Technical analyst “Emperor” has highlighted major support zones leaning towards a market correction. There is key support at $49,000, which, if broken, could lead to further declines and “major lows,” he said.

> Bitcoin Price Update
> 
> 1. Previous Month’s (January) High Remains a very important retest level. This level was retested as support after breakout before the push to $53,000.
> 
> 2. Range Low on LTF has been swept right now. Let’s see if this liquidity is enough to push price… [pic.twitter.com/WKiAKtYQmI](https://t.co/WKiAKtYQmI)
> 
> — Emperor👑 (@EmperorBTC) [February 21, 2024](https://twitter.com/EmperorBTC/status/1760305345925382544?ref_src=twsrc%5Etfw)

The asset was trading down 1% on the day at $51,507 at the time of writing. However, it remains within the range-bound channel that has formed over the past week.

Crypto market capitalization remains above $2 trillion, but the major assets have started to cool after a frothy week. Ethereum, Solana, Ripple, and Cardano have all dropped a couple of percent, and only Binance Coin is making gains at the moment.

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[Source link](https://cryptopotato.com/tom-lee-bitcoin-is-sound-money-names-3-reasons-why-btc-could-tap-150000-in-2024/)