Despite bitcoin briefly dipping below $60,000 on Wednesday, the world's top cryptocurrency is forecast to scale new heights and jump to $150,000 by December, new market forecast from Tom Lee, Fundstrat's head of research, shows.

The surge in bitcoin's price would represent a 138% increase for bitcoin, a welcome shift in bitcoin's market position after the cryptocurrency plunged 7% recently. According to K33 research, Bitcoin's lowered price is partly explained by hacked, defunct crypto exchange Mt. Gox pledging to repay customers nearly $9 billion in crypto, spurring fears about a large volume of crypto hitting digital assets markets at once.

"Bitcoin's probably suffering from the Mount Gox starting distributions in July," Lee explained to CNBC. "That was a huge overhang for many years, but if I was investing in crypto, knowing that one of the biggest overhangs is going to disappear in July, I think it's a reason to actually expect a pretty sharp rebound in the second half."

On July 3, the price of bitcoin temporarily plunged below $60,000, worrying traders as it hit $59,600. Bitcoin has witnessed an approximately 18% slide in this year's second quarter. Analysts say the brief dip underscores how the world's top cryptocurrency has been been sliding since June.

Experts, however, are buoyed by the fact that bitcoin hit a new all-time price high of nearly $73,000 this spring and bitcoin's total market cap now sits at $1.2 trillion. Indeed, several bitcoin market analysts forecast that the second half of 2024 will see bitcoin on an upward trajectory. According to multinational Standard Chartered bank, bitcoin's price may reach $100,000 during the November election, reflecting ongoing market exuberance around the nascent asset class.