Speaking on CNBC's Squawk Box on February 21, the American entrepreneur said he expects Bitcoin prices to reach $150,000 this year.
Lee gave three reasons for his bold price prediction, which would mean the asset would rise 190% above current levels.
“With the new ETFs, demand is improving, with the halving, supply is shrinking, and if monetary policy eases, as we expect, that is positive for risk assets.”
Will the Bitcoin Rally Continue?
The comments come as BTC appears to have reached resistance at $52,000 after a 30% rally over the past 30 days.
However, Lee appears unfazed, stating that “Bitcoin has held up,” before adding, “I don’t think there will be a decline anytime soon.”
When asked about performance over the next five years, he said: “It's solid money and I think it's coming in handy.”
“It was a great store of value, it was a good risk investment and it's also incredibly safe. Since its inception, there has not been a single fraudulent entry on the blockchain, and I don’t think any bank can claim that this is the case in their accounting.”
Lee has been a long-time Bitcoin bull and predicts the asset will reach $200,000 in the next few years.
In the same interview, co-host Andrew Sorkin was mocked for believing that a store of value should be priced the same.
BTC price outlook
Technical analyst “Emperor” has highlighted key support zones that are prone to a market correction. There is key support at $49,000, which if broken could lead to further declines and “major lows,” he said.
At the time of writing, the asset was trading at $51,507, down 1% on the day. However, it remains within the range-bound channel that formed last week.
Cryptocurrency market capitalization remains above $2 trillion, but major assets have begun to cool off after a turbulent week. Ethereum, Solana, Ripple and Cardano are all down a few percent, and only Binance Coin is currently posting gains.
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