![Bitcoin price will surge past 0K if spot ETFs are approved: Analyst Bitcoin price will surge past 0K if spot ETFs are approved: Analyst](https://i0.wp.com/images.cointelegraph.com/images/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDgvOGY2YjFmODktOWRjOC00MTJiLWJmYzYtMGY2ZDYyZGIxNGI3LmpwZw==.jpg?fit=%2C&ssl=1)
According to investment research boutique Fundstrat, the price of Bitcoin (BTC) could soar to an eye-popping $150,000 by the end of 2024, provided the current slew of U.S. spot bitcoin exchange-traded funds (ETFs) are approved.
on August 16 interview Tom Lee, managing partner and head of research at Fundstrat, predicted on CNBC’s Squawk Box that a flurry of successful bitcoin spot ETF filings will shift bitcoin’s supply and demand dynamics toward massive price appreciation.
When asked what the price of Bitcoin would be by the end of next year, Lee didn’t hesitate:
“If the spot bitcoin (ETF) is approved, I think the demand will be greater than the daily supply of bitcoin, so the liquidation price (…) will be over $150,000, maybe even around $180,000.”
Lee clarified that this could be the case as long as it is a U.S.-approved spot bitcoin ETF, as there are already spot bitcoin ETFs in Europe.
“If the scene #bitcoin ETF Approved…Liquidation Price bitcoin dollar Over $150,000. – Tom Lee @fundstrat pic.twitter.com/ILQZqdjsZA
— Michael Saylor ⚡️ (@saylor) August 16, 2023
The U.S. currently accounts for 97.7% of crypto-related ETF trading volume, according to Eric Balchunas, senior ETF analyst at Bloomberg. That could reach 99.5% once a spot bitcoin ETF is approved, he said.
However, even with the rejection of the spot ETF application, Lee still predicts that Bitcoin’s next halving event, expected to occur in April 2024, will provide a considerable price boost.
“Supply is going to drop again, so liquidation prices have to go up. But it won’t be six figures.”
In June, Wall Street heavyweights Fidelity, Invesco, Wisdom Tree and Valkyrie followed BlackRock, the world’s largest asset management company, to apply to the SEC for a Bitcoin spot ETF.
However, some of these companies may not know their fate until sometime in 2024, as the SEC has up to 240 days to make a final decision on an application after it begins the review process.
However, the results of Grayscale’s call to convert its GBTC trust product into a bitcoin spot ETF are expected to come sooner or later.
Bloomberg ETF analysts Eric Balchunas and James Seyffart recently estimated that these bitcoin spot ETFs have a 65% chance of being approved by securities regulators, a sharp increase from before BlackRock filed.
related: $160,000 at the next halving?Model counts down to record Bitcoin all-time high
Others have hinted that the bitcoin price could reach $100,000 much sooner than expected, with Blockstream CEO Adam Back recently betting that bitcoin will hit a new price milestone a month before the halving event.
However, not everyone agrees. Jesse Myer, co-founder of bitcoin investment firm Onramp, explained on Aug. 15 that the market will only price in changing realities 12-18 months after the halving.
“Bitcoin will not soar to $100,000 until the next halving,” he said.
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