According to Lee, Bitcoin is still early in its current bullish cycle."The idea that it could get to $150,000 is still within our base case," he said.
The leading cryptocurrency is currently trading just above the $63,000 level after giving up some of its recent gains. , Lee opined that the market was being fooled by the April turmoil during a recent conversation with American investor Anthony Scaramucci. Earlier this year, the Fundstrat co-founder also spoke in detail about the transformative impact of Bitcoin ETFs, describing them as a"wonderful development" since they allow people to have exposure to the largest cryptocurrency without the need to store private keys.A week ago, the price of Bitcoin experienced a dramatic plunge due to stagflation fears triggered by worrying inflation data.
Lee does not think that the U.S. Federal Reserve is actually comfortable with long-term rates at these levels. He has explained that high rates are putting a lot of pressure on regional banking."It's hurting their balance sheet. The cost of money is quite high, especially relative to the rest of the world.
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