Crypto Expert Weighs in on Bitcoin’s Potential to Reach New All-Time High by Year-End

Bitcoin (BTC) may be on the verge of breaking new records, with some analysts predicting it could hit the $100K mark before the year ends.

Tom Lee, an analyst at Fundstrat, believes that BTC’s value will likely exceed $100K in the coming months, particularly after President-elect Trump names his pick for U.S. Treasury Secretary.

During a CNBC interview on November 18, Lee expressed confidence, stating that surpassing the $100K threshold “comfortably” makes sense before 2024 concludes. He also highlighted the ongoing “Trump trade” and suggested that Trump’s Treasury Secretary selection, coupled with Nvidia’s upcoming earnings report on November 20, could provide bullish catalysts for Bitcoin.

Market experts are divided over the significance of Trump’s Treasury Secretary appointment, with some speculating that it could lead to the creation of a national Bitcoin reserve. However, the market has not priced in this possibility, with Polymarket only assigning a 33% probability to the reserve’s creation.

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Blockstream founder Adam Back also weighed in, emphasizing that the potential for a U.S. Bitcoin reserve is still largely unpriced. He went as far as predicting that such an initiative could drive BTC to seven figures, well over $1 million per coin. Back noted that while the market remains skeptical, a shift in sentiment could push BTC prices to unprecedented highs.

Looking at the near term, Polymarket is currently pricing a 66% chance of Bitcoin hitting $100K by December 2024, with options traders on Deribit assigning slightly lower odds. The market is also showing signs of bullish technical patterns, with BTC forming a bull pennant on its daily chart. If this pattern breaks out, some traders believe Bitcoin could reach as high as $110K, aligning with the price targets suggested by options market bets.

Kosta Gushterov