Fundstrat's Tom Lee is standing by his $150,000 forecast for bitcoin despite recent weakness in the cryptocurrency.
Bitcoin has been stuck in a tight trading range between $60,000 and $70,000 since it touched an all-time high of about $73,000 in March.
Gox starting distributions in July – that was a huge overhang for many years," Lee told CNBC's " Squawk Box " Monday morning.
BTC.CM= 1M mountain Bitcoin's recent weakness On June 24, the trustee of the now defunct Mt.
Additionally, the U.S. and German governments sent large amounts of previously seized bitcoin to exchanges at the end of June, further driving the coin's recent weakness.
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