Co-founder of Fundstrat, Tom Lee, predicted on CNBC's "Squawk Box" program that Bitcoin will soon reach parity with gold. According to him, Bitcoin's price needs to increase by approximately 36.6% to match gold's recent performance, which equates to a level of $120,507.

Tom Lee emphasized that the decline in Bitcoin's price earlier this year was due to higher leverage from institutional investors, but the market is now stabilizing. He further noted that Bitcoin's previous all-time high was over $110,000, so there is room for further increases.