• Fundstrat Global Advisors’ managing partner Tom Lee believes Bitcoin (BTC) could hit six figures before the halvening scheduled for 2024.
• Lee predicts that the approval of a spot Bitcoin exchange-traded fund (ETF) could trigger BTC to rally to between $140,000 and $180,000 before next year in April.
• Fundstrat head of crypto strategy Sean Farrell believes the approval of a spot Bitcoin ETF would increase demand five-fold.
Tom Lee Predicts Bitcoin Could Reach Six Figures Before Halvening
Fundstrat Global Advisors’ managing partner Tom Lee is predicting that Bitcoin (BTC) could hit six figures before the halvening scheduled for 2024. He says in a research note that the approval of a spot Bitcoin exchange-traded fund (ETF) could potentially trigger BTC to rally to between $140,000 and $180,000 before next year in April. Such a move would represent an increase of between 380% and 516% from the current levels.
Farrell Believes ETF Approval Would Increase Demand Five-Fold
The prediction is based on the thesis by Fundstrat’s head of crypto strategy Sean Farrell who believes that if approved, an ETF would increase daily demand for Bitcoin five-fold. The analysis suggests that equilibrium price would need to rise so daily supply matches this increased demand – leading it to around $140,000-$180,000 before halvening in April 2024.
BlackRock Filed Spot Bitcoin ETF Application Last Month
On the odds of a spot Bitcoin ETF finally getting approved in the US after numerous rejections in the past, Lee says “Bitcoin ETF could finally get approved” citing BlackRock’s involvement as making this more likely today – noting how world’s largest investment firm by assets under management filed its own application last month.
Bitcoin Trading at $29K at Time of Writing
At time of writing, bitcoin is trading at $29,191 according to CoinMarketCap data – representing just some fraction of what it might reach with an approved ETF spot behind it according to Lee’s predictions.
Opinions expressed should not be taken as investment advice – investors should do their own due diligence before making any high-risk investments in cryptocurrencies or digital assets due to potential loses they may incur being their responsibility entirely.