According to investment research firm Fundstrat, the price of Bitcoin (BTC) could reach a staggering $150,000 by the end of 2024 as long as a number of US physical Bitcoin Exchange Traded Funds (ETFs) are approved today. It is said that it will soar beyond.
August 16th interview On CNBC’s Squawk Box, Fundstrat’s managing partner and head of research, Tom Lee, said a series of successful Bitcoin spot ETF applications has pushed the supply and demand dynamics of bitcoin towards a significant price rally. predicted to be deaf.
When asked what the price of Bitcoin will be by the end of next year, Lee did not hesitate to answer:
“If a Bitcoin spot (ETF) is approved, I believe the demand will exceed the daily supply of Bitcoin, so the liquidation price will be […] $150,000 or more, possibly as high as $180,000. ”
Lee clarified that Europe already has a Spot Bitcoin ETF, so this could be the case as long as it is a spot Bitcoin ETF approved in the US.
“If it’s a spot #bitcoin ETF Approved … Liquidation Price $BTC Over $150,000. – Tom Lee @fundstrat pic.twitter.com/ILQZqdjsZA
— Michael Saylor ⚡️ (@saylor) August 16, 2023
According to Bloomberg Senior ETF Analyst Eric Balchunas, the United States currently accounts for 97.7% of global crypto-related ETF trading volume. He said that percentage could reach 99.5% if the Spot Bitcoin ETF is approved.
But even if the spot ETF application is rejected, Lee still expects Bitcoin’s next halving event, expected to occur in April 2024, to provide a significant price boost. .
“Liquidation prices need to go up as supply dwindles again. But it won’t be six figures.”
In June, Wall Street powerhouses Fidelity, Invesco, Wisdom Tree, and Valkyrie followed BlackRock, the world’s largest asset manager, in applying for Bitcoin spot ETFs to the SEC.
However, some of these companies may find out their fate until sometime in 2024, as the SEC can take up to 240 days to make a final decision on an application after it begins the review process.
However, the outcome of Grayscale’s appeal to convert its GBTC trust product into a Bitcoin spot ETF is expected sooner or later.
Bloomberg ETF analysts Eric Balchunas and James Seyfert recently estimated that these Bitcoin spot ETFs have a 65% chance of being approved by securities regulators, compared to before BlackRock’s filing. has increased significantly.
Related: $160,000 for the next halving?Model counts down to new Bitcoin all-time high
Also, Blockstream CEO Adam Buck recently bet that Bitcoin will hit another price milestone in the month before the halving event, with the $100,000 Bitcoin price much higher than expected. Some have hinted that it could arrive sooner.
But not everyone tends to agree. Jesse Meyer, co-founder of bitcoin investment firm Onramp, explained on Aug. 15 that the market is only pricing in a changed reality 12 to 18 months after the halving.
“I don’t think Bitcoin will skyrocket to $100,000 before the next halving,” he said.
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