Financial analyst Tom Lee expects the price of Bitcoin to reach $150,000 in the coming future if things go as expected in the crypto market.
American investor and analyst Tom Lee expects the price of Bitcoin to rise in the future if things go as expected with the US Securities and Exchange Commission's (SEC) exchange-traded funds (ETF) applications. The Fundstrat analyst's comment came at a time when BTC continued to maintain an almost horizontal pattern from the last week of June 2023. From March 2023, the S&P500 Index, which is closely associated with Bitcoin, has experienced a steady rise in line with the price of BTC. Also, traders were largely resistant to investing in the crypto market during the same period. During this period, bulk Bitcoin ETF applications from several top financial companies came to the fore. Fundstrat analyst Tom Lee predicts that the BTC price will rise above $150,000 with Spot ETFs. So how?
Will Bitcoin Price Become $150,000?
In an interview with CNBC, Tom Lee said that the price of Bitcoin will rise above $ 150,000. Central to Lee's prediction is the US Securities and Exchange Commission's (SEC) green light for a spot Bitcoin exchange-traded fund (ETF). However, he thinks that if the ETF is not approved in the US, it could still rise thanks to the Halving event expected in the first half of 2024. However, Lee emphasized that Halving alone cannot push the BTC price above $100,000. So, in the analyst's opinion, spot Bitcoin ETFs need approval for a big rise.
“If the Spot BTC ETF is approved, the demand will outweigh the supply of Bitcoin. That's why I think BTC will rise above $150,000 or even $180,000.”
The spot BTC ETF application flow initiated by BlackRock company continues with applications from giant companies such as Fidelity. No Spot Bitcoin ETF has yet been approved, but investors are waiting for a positive response. Finally, BTC is currently trading at $ 29,114. The leading cryptocurrency had peaked at $69,000 in late November 2021.
