“Bitcoin Price Above $150,000”: Fundstrat’s Tom Lee Predicts
American investor and financial analyst Tom Lee expects Bitcoin price to skyrocket in the coming future, if things go as expected with the U.S. Securities and Exchange Commission (SEC) filings for exchange-traded funds (ETF). The Fundstrat analyst’s comment comes at a time when the top cryptocurrency continues to maintain almost sideways pattern from the last week of June 2023.
Starting from March 2023, the S&P 500 Index, which is most closely correlated with Bitcoin among all major US stock indices, is on a steady upward trajectory, in line with BTC price. Also, the traders have been largely resilient in terms of confidence in investing in the crypto market in the same period, during which the highlight was the mass Bitcoin ETF filings from several top financial companies.
What If Spot ETFs Are Approved?
Speaking to CNBC on August 16, 2023, Tom Lee said BTC’s clearing price would be above $150,000 if things go as anticipated around the ETF filings. However, if in case the ETF does not get approved in the United States, it could still go up thanks to the Bitcoin Halving event expected in the first half of 2024, he explained. In that case, the Halving alone could propel the BTC price but not above the $100,000 mark, Lee predicted.
“If the Spot Bitcoin ETF gets approved, the demand would be greater than the supply of Bitcoin, so I think the clearing price of $BTC could be above $150,000 or even $180,000.”
Meanwhile, Michael Saylor-founded MicroStrategy, which is the largest institutional Bitcoin investor in the world, continues to believe in the potential of the top cryptocurrency. Earlier, CoinGape reported that the company held as many as 152,800 BTC as of July 31, 2023, with potential for more purchasing in the upcoming quarters.
Also Read: Ripple Vs SEC: US Supreme Court To Interfere If SEC Appeal Judge Torres’ Ruling
- Trump Picks SEC Crypto Counsel Michael Selig to Lead CFTC Amid Crypto Oversight Push
- First Spot XRP ETF Hits Milestone as CME Flags Institutional Interest
- Can Hype Price Hit $50 After Robinhood Listing?
- XRP News: Ripple Unveils ‘Ripple Prime’ After Closing $1.25B Hidden Road Deal
- Traders Price In Two More Fed Rate Cuts This Year After Soft Inflation Data
- HBAR Price Targets 50% Jump as Hedera Unleashes Massive Staking Move
- Chainlink Price Outlook: Analyst Predicts $100 as Reserve Adds 63K LINK
- SUI Price Prediction as TVL and Monthly DEX Volume Hit All-Time Highs- What’s Next?
- PUMP Price Prediction as Whales Accumulate 4.2B Tokens- Is 135% Rally Next?
- Dogecoin Price Crash Looms as Flag, Death Cross, Falling DOGE ETF Inflows Coincide
- Solana Price Prediction as Osprey’s S-1 Filing and Hong Kong’s ETF Launch Fuel Reversal Hopes- Is $250 Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
