The managing partner and head of research at Fundstrat Global Advisors, Tom Lee, expressed his belief that Bitcoin (BTC) will end the year on a strong note. In a recent interview with CNBC, Lee stated that Bitcoin could potentially reach $150,000 by 2024, representing a gain of over 137% from its current value.

One of the reasons Lee is optimistic about Bitcoin is the upcoming repayment of creditors by the defunct crypto exchange Mt. Gox. Starting in July and continuing until October, Mt. Gox is expected to repay creditors approximately 142,000 BTC, which is worth nearly $9 billion. This development, which many have feared would negatively impact Bitcoin, is now seen as a positive catalyst for the cryptocurrency.

Lee explained, “Bitcoin is probably suffering from the Mt. Gox starting distributions in July. That was a huge overhang for many years. But if I was investing in crypto knowing that one of the biggest overhangs is going to disappear in July, I think it’s a reason to actually expect a pretty sharp rebound in the second half. So I think $150,000 is still possible this year.”

Furthermore, Lee highlighted that Bitcoin tends to experience most of its gains within just ten days each year. If these ten best days are excluded, Bitcoin actually has a negative return. This pattern emphasizes the potential for significant price movements in a short period of time.

At the time of writing, Bitcoin is trading at $63,124, representing a nearly 3% increase in the last 24 hours.

In addition to his positive outlook on Bitcoin, Lee also predicted that stocks will end the year higher than their current levels. He mentioned that mid-year earnings for the S&P 500 look stronger than initially anticipated, and factors such as the Federal Reserve’s dovish stance and a potential softening in the employment picture could lead to higher price-to-earnings multiples next year.

Lee concluded, “So I’d say between now and year-end stocks should be higher. We’ve had a strong first half already, and the second half won’t be as strong as the first half, but we should build upon those gains. So, yeah, it looks pretty good.”

Disclaimer: The opinions expressed in this article are not investment advice. Investors should conduct their own research before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. It is important to note that all transfers and trades are undertaken at one’s own risk, and any losses incurred are the sole responsibility of the individual. The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets nor does it serve as an investment advisor.