• BTC to hit $100K before end of 2024? Tom Lee is confident of this scenario. 
• Why Trump’s pick for U.S. Treasury Secretary could be a trigger for the outlook. 

Bitcoin [BTC] could hit a new all-time high (ATH) and tap the $100K target before the end of the year.

According to Fundstrat’s strategic investor and analyst Tom Lee, the $100K milestone could be crossed soon, especially after President-elect Trump picks the next U.S. treasury secretary.

In an interview with CNBC on the 18th of November, Lee said, 

“I think comfortably over $100K makes sense before the end of this year.” 

Lee added that the ‘Trump trade’ was still ongoing and that Trump’s choice of the U.S. treasury secretary and Nvidia’s earnings report, scheduled for the 20th of November, could be bullish clearing events for BTC. 

Some market pundits believe Trump’s Treasury Secretary pick could determine whether a national BTC reserve will be created.

As of press time, there was no clear pick for the position, and Polymarket priced a mere 33% chance of Trump creating the reserve.  

Reacting to the lukewarm market outlook, Blockstream founder Adam Back believed that the U.S. strategic BTC reserve was not yet priced in.

He projected a seven-figure price target for BTC should the market begin front-running the creation of the reserve. He said, 

“If the US Strategic Bitcoin Reserve happens, prepare for 7-figure bitcoin this cycle. The market is skeptical on meaningful follow-through for now, so that is not at all priced in.” 

If Back’s seven-figure projection comes true, that would mean a +$1M per BTC. In the near term, Polymarket was pricing a 66% chance of BTC hitting $100K by December 2024.

A similar bullish outlook but slightly lower odds were seen on Deribit. Options traders on Deribit were pricing 24% and 39% chances of BTC hitting $100K by the end of November and December, respectively. 

Read Bitcoin [BTC] Price Prediction 2024-2025

That said, the price chart chalked the typical bull pennant on the daily chart. In most cases, the bullish targets for the pattern breakout correspond to the flagpole’s length.

That would translate to a price target of over $110K for BTC. This was similar to the BTC targets options traders were betting on.