Bitcoin price will surge past $150K if spot ETFs are approved: Analyst

The terms of Bitcoin (BTC) volition surge past an eye-watering $150,000 by the extremity of 2024, arsenic agelong arsenic the existent slew of United States spot-Bitcoin exchange-traded funds (ETFs) are approved, according to concern probe boutique Fundstrat.

In an Aug. 16 interview connected CNBC’s Squawk Box, Fundstrat’s managing spouse and caput of probe Tom Lee predicted that a bundle of palmy Bitcoin spot ETF applications volition displacement Bitcoin’s supply-demand dynamics towards sizeable terms appreciation.

When asked what the terms of Bitcoin could beryllium by the extremity of adjacent year, Lee didn’t clasp back:

“If the spot Bitcoin (ETF) gets approved, I deliberation the request volition beryllium greater than the regular proviso of Bitcoin, truthful the clearing terms [...] is implicit $150,000, it could adjacent beryllium similar $180,000.”

Lee clarified that this could beryllium the lawsuit truthful agelong arsenic it is simply a United States-approved spot Bitcoin ETF, arsenic determination are already spot Bitcoin ETFs successful Europe. 

“If the Spot #Bitcoin ETF gets approved … the clearing terms of $BTC is supra $150,000.” – Tom Lee @fundstrat pic.twitter.com/ILQZqdjsZA

— Michael Saylor⚡️ (@saylor) August 16, 2023

The United States presently makes up 97.7% of the planetary trading volume for crypto-related ETFs, according to Bloomberg elder ETF expert Eric Balchunas. Once spot Bitcoin ETFs are approved, this could spell to 99.5%, helium said. 

However, adjacent if the spot ETF applications are rejected, Lee inactive predicts a sizeable terms propulsion to travel from Bitcoin’s adjacent halving event, expected to take spot successful April 2024.

“You volition person a driblet successful proviso again, truthful the clearing terms has to increase. But it won’t beryllium six figures.”

In June, Wall Street heavyweights Fidelity, Invesco, Wisdom Tree and Valkyrie followed the world’s largest plus manager BlackRock successful applying for a Bitcoin spot ETF with the SEC.

However, immoderate of these firms whitethorn not larn their destiny until sometime successful 2024 arsenic the SEC has up to 240 days to marque a last decision connected an exertion aft commencing the reappraisal process.

The result of Grayscale’s entreaty to person its GBTC spot merchandise into a Bitcoin spot ETF is nevertheless expected to travel sooner alternatively than later.

Bloomberg ETF analysts Eric Balchunas and James Seyffart precocious estimated that there’s a 65% chance of these Bitcoin spot ETFs being approved by the securities regulator — a important summation from earlier BlackRock’s application.

Related: $160K astatine adjacent halving? Model counts down to caller Bitcoin all-time high

Other person tipped that a $100,000 Bitcoin terms could travel overmuch sooner than expected, with Blockstream CEO Adam Back recently wagering that Bitcoin volition notch the caller terms milestone the period earlier the halving event.

However, not everyone is inclined to agree. Jesse Myer, the co-founder of Bitcoin concern steadfast Onramp, explained connected Aug. 15 that the marketplace would lone terms successful the changed world 12-18 months post-halving.

“Bitcoin won’t surge to $100k earlier the adjacent halving,” helium said.

Magazine: Hall of Flame: Wolf Of All Streets worries astir a satellite wherever Bitcoin hits $1M