American investor and monetary analyst Tom Lee expects Bitcoin price to skyrocket within the coming future, if issues go as anticipated with the U.S. Securities and Change Fee (SEC) filings for exchange-traded funds (ETF). The Fundstrat analyst’s remark comes at a time when the highest cryptocurrency continues to keep up nearly sideways sample from the final week of June 2023.
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Ranging from March 2023, the S&P 500 Index, which is most carefully correlated with Bitcoin amongst all main US inventory indices, is on a gradual upward trajectory, in keeping with BTC worth. Additionally, the merchants have been largely resilient by way of confidence in investing within the crypto market in the identical interval, throughout which the spotlight was the mass Bitcoin ETF filings from a number of prime monetary corporations.
What If Spot ETFs Are Authorized?
Chatting with CNBC on August 16, 2023, Tom Lee mentioned BTC’s clearing worth can be above $150,000 if issues go as anticipated across the ETF filings. Nevertheless, if in case the ETF doesn’t get accepted in the US, it might nonetheless go up because of the Bitcoin Halving occasion anticipated within the first half of 2024, he defined. In that case, the Halving alone might propel the BTC worth however not above the $100,000 mark, Lee predicted.
“If the Spot Bitcoin ETF will get accepted, the demand can be higher than the provision of Bitcoin, so I feel the clearing worth of $BTC might be above $150,000 and even $180,000.”
In the meantime, Michael Saylor-founded MicroStrategy, which is the most important institutional Bitcoin investor on the earth, continues to imagine within the potential of the highest cryptocurrency. Earlier, CoinGape reported that the corporate held as many as 152,800 BTC as of July 31, 2023, with potential for extra buying within the upcoming quarters.
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The introduced content material could embody the private opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty to your private monetary loss.