Bitcoin (BTC) rose above $111,000 after its rally last week.
While strengthening the expectation of a new record rise, Tom Lee, the co-founder of Fundstrat Global Advisors, known for his bold predictions for Bitcoin, announced his new expectation for Bitcoin.
Tom Lee, who shared from the X account, said that Bitcoin is about to enter the banana zone phase where it has high growth potential.
Lee used analysis shared by Julien Bittel, head of macro research at Global Macro Investor, in his forecast.
According to Bittel’s chart, Bitcoin has gone through four major market cycles since 2011. And each cycle consists of two correction phases before entering a period of rapid growth called “banana territory.”
According to the shared chart, the current cycle started in 2022 and is currently experiencing its first correction. The second correction is occurring within the banana zone. If history repeats itself and the cycle continues in the same way, Bitcoin could be on the verge of a major rise.
Lee said in an interview with CNBC earlier this year that he expects Bitcoin to surpass $150,000 this year.
Lee also stated that he expects Ethereum (ETH) to show a strong performance and reach $5,000 to $6,000.
*This is not investment advice.
