BTC/USD: Bitcoin’s Bullish Streak May Hit a Speed Bump, But $150K Still in Sight

Bitcoin's recent price surge has sparked a debate among analysts, with some predicting continued growth (including a potential $150,000 price target) and others anticipating a temporary pullback. Despite volatility, MicroStrategy's CEO remains bullish and sees ETFs driving further adoption.

By Riley Stratton
Photo Credits: Karolina Grabowska

Bitcoin (BTC) has seen significant gains in recent weeks, reaching a 26-month high of $53,000. However, in the past week, its upward momentum has slowed. Despite this, some analysts remain bullish about Bitcoin’s price trajectory, while others believe a temporary downturn is likely.

Tom Lee, head of research at FundStrat, remains optimistic about Bitcoin’s potential this year. He projects that BTC could hit $150,000, explaining: “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.”

Michael Saylor, CEO of MicroStrategy, further echoes this bullish outlook, stating, “I’m going to be buying the top forever. Bitcoin is the exit strategy.” He believes Bitcoin to be “technically superior” to traditional asset classes like gold and real estate. His company, MicroStrategy, holds a staggering 190,000 BTC with no plans to sell, despite the holdings currently boasting an approximately $4 billion unrealized profit.

Potential for Short-Term Pullback

While some experts retain a bullish perspective, others foresee a potential pullback in the near term. Joel Kruger, market strategist at LMAX Group, suggests caution, noting the possibility of short-term volatility stemming from changes in central bank policies and the ramifications of global economic weakness. Despite this, Kruger believes that such a downturn could offer opportunities for taking strategic positions.

Swissblock, an analytics firm, concurs that Bitcoin may experience a correction but upholds a bullish long-term outlook. They stated, “While the prevailing sentiment suggests a potential continuation of the upward trajectory, the current scenario may necessitate a period of consolidation or even a retracement to the $47.5k support level.”

Impact of ETFs

Saylor notes that the demand for Bitcoin spurred by the growing popularity of ETF products has outstripped the supply available from miners. With U.S.-based spot Bitcoin exchange-traded funds holding roughly 270,000 BTC, he believes these ETFs are key in facilitating institutional adoption. “The spot ETFs have opened up a gateway for institutional capital to flow into the Bitcoin ecosystem,” Saylor said. “This is a rising tide. It’s going to lift all boats.”


TSPL and this article provide market analysis and information, not personalized investment advice. Bitcoin and cryptocurrencies are highly volatile assets. Before making any investment decisions, readers are strongly advised to consult with a qualified financial advisor to assess their individual risk tolerance and financial goals.

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