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 Exchange Commission (SEC) filings for exchange-traded funds (ETF). The Fundstrat analyst’s remark comes at a time when the highest cryptocurrency continues to keep up virtually sideways sample from the final week of June 2023.
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Starting from March 2023, the S&P 500 Index, which is most intently correlated with Bitcoin amongst all main US inventory indices, is on a gradual upward trajectory, according to BTC value. Also, 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 high monetary corporations.
What If Spot ETFs Are Approved?
Speaking to CNBC on August 16, 2023, Tom Lee mentioned BTC’s clearing value can be above $150,000 if issues go as anticipated across the ETF filings. However, if in case the ETF doesn’t get permitted within the United States, 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 value however 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 biggest 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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