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Bitcoin has recently entered a key phase in its market cycle, according to Tom Lee, co-founder of Fundstrat. In a Nov. 29 interview with Wealthion, Lee suggested that Bitcoin could reach $250,000 within the next 12 months. He explained that the upcoming halving event, which reduces the supply of Bitcoin, combined with rising institutional interest, is setting the stage for a price surge. At the time of writing, Bitcoin is priced at $103,343.

Lee believes that Bitcoin's price will follow its historical pattern, with a significant increase in value following the halving cycle. He said current conditions make it "highly probable" that Bitcoin will hit $250,000 next year. One of the factors contributing to this is the shift in the political landscape in the United States, with an incoming government that has shown support for Bitcoin. Lee pointed out that if the U.S. begins to accumulate Bitcoin as part of its strategic reserve, it could lend further legitimacy to the cryptocurrency and boost its price.