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Tom Lee considers the possible price of Bitcoin to be $150,000 if ETFs are approved. According to a Bitcoin analyst, we will see Bitcoin hit $150,000 with the approval of ETFs. In this Pooyan Music post, we read the details of this prediction.
Even if the Bitcoin ETF filings are rejected, Lee predicts that the Bitcoin halving event will still push the price higher. But the halving event alone does not make it 6 figures.
By the end of 2024, the price of bitcoin will cross the $150,000 mark, as long as the current volume of US bitcoin exchange-traded funds (ETFs) is confirmed, investment research boutique Fundstrat predicts.
In an interview on July 14th on CNBC, Fundstrat Managing Partner and Head of Research Tom Lee predicted that a series of successful bitcoin spot ETF applications would push bitcoin’s supply and demand dynamics toward a significant price increase. leads to.
When asked what the price of Bitcoin could be by the end of next year, Lee did not hesitate:
“If the spot bitcoin (ETF) is approved, I think the demand will be greater than the daily supply of bitcoin. Therefore, the settlement price is more than 150,000 dollars. It could even be around $18,000.”
As long as it’s a U.S.-approved Bitcoin ETF, that may be the case, Lee clarified. Because there is currently a spot bitcoin ETF in Europe.
Bloomberg’s US ETF currently accounts for 97.7% of the global trading volume of crypto-related ETFs. He said that after the approval of Bitcoin ETFs, this amount could reach 99.5%.
However, even if the ETF’s cash requests are rejected, Lee still predicts a significant price increase from the Bitcoin halving event in April 2024.
“You’re going to have a drop in supply again. Therefore, the settlement price should increase. But the price will not be six figures.”
150K dollar bitcoin? | In this case, the price of Bitcoin will rise to 100,000
In June, Wall Street heavyweights Fidelity, Inosco, WisdomTerry and Valkyrie followed the world’s largest asset manager, BlackRock, in filing for a bitcoin ETF with the SEC.
However, some of these companies may not know their fate until 2024. Because the SEC has up to 240 days to make a final decision on the application after the review process begins.
However, the outcome of Grayscale’s request to convert its GBTC trust product into a Bitcoin ETF is expected sooner rather than later.
Bloomberg ETF analysts Eric Balchunas and James Seyfarth recently estimated that there is a 65 percent chance that these Bitcoin ETFs will be approved by the securities regulator. which has increased significantly compared to before the BlackRock program.
Others have said that Bitcoin’s $100,000 price could be reached much sooner than expected. Blockstream CEO Adam Beck recently bet that Bitcoin will hit a new price milestone a month before the halving event.
However, not everyone is willing to agree. Jesse Mayer, co-founder of bitcoin investment firm Onramp, explained on August 23 that the market will price in an altered reality just 12 to 18 months after the halving.
He said: Bitcoin will not reach $100,000 until the next halving.
