The chief investment officer of a financial research boutique believes that Bitcoin (BTC) could face a supply shock once it clears the $100,000 price level.
In a new CNBC interview, Fundstrat’s Tom Lee says Bitcoin’s scarcity is starting to be a problem for crypto exchanges.
Lee says the dwindling supply of available BTC for sale will likely be felt once Bitcoin shatters the psychological price point of $100,000.
“I think some of this could be – there’s a lot of folks who don’t want Bitcoin over $100,000 and some of it may be the exchanges themselves [that] are concerned, because there is a pretty low supply of Bitcoin available over the counter.
So you have a supply shortage, and if Bitcoin makes a move above $100,000, I think there would be a big chase.
So I’m still confident Bitcoin’s going to close much higher before year-end… Well above $100,000 before year-end. It’s just a matter of time.”
Recently, Lee hopped on an interview with SkyBridge Capital founder Anthony Scaramucci to give his 12-month outlook for BTC. According to the Fundstrat executive, Bitcoin could witness up to 150% gains from current levels in just one year.
“Over the next twelve months, I think something over $250,000 is possible, but maybe highly probable based on just following this price cycle.”
At time of writing, Bitcoin is trading for $95,844.
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