{"id":138205,"date":"2023-09-02T04:15:25","date_gmt":"2023-09-01T22:45:25","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=138205"},"modified":"2023-09-02T04:15:25","modified_gmt":"2023-09-01T22:45:25","slug":"bitcoin-price-will-surge-past-150k-if-spot-etfs-are-approved-analyst-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/bitcoin-price-will-surge-past-150k-if-spot-etfs-are-approved-analyst-crypto-news\/","title":{"rendered":"Bitcoin price will surge past $150K if spot ETFs are approved: Analyst – Crypto News"},"content":{"rendered":"
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The price of Bitcoin (BTC<\/a>) will surge past an eye-watering $150,000 by the end of 2024, as long as the current slew of United States spot-Bitcoin\u00a0exchange-traded funds (ETFs) are approved, according to investment research boutique Fundstrat.<\/p>\n

In an Aug. 16 interview<\/a> on CNBC\u2019s Squawk Box, Fundstrat\u2019s managing partner and head of research Tom Lee predicted that a bundle of successful Bitcoin spot ETF applications will shift Bitcoin\u2019s supply-demand dynamics towards considerable price appreciation. <\/p>\n

When asked what the price of Bitcoin could be by the end of next year, Lee didn\u2019t hold back:<\/p>\n

\u201cIf the spot Bitcoin (ETF) gets approved, I think the demand will be greater than the daily supply of Bitcoin, so the clearing price […] is over $150,000, it could even be like $180,000.\u201d<\/p><\/blockquote>\n

Lee clarified that this could be the case so long as it is a United States-approved spot Bitcoin ETF, as there are already spot Bitcoin ETFs in Europe.\u00a0<\/p>\n

\n

\u201cIf the Spot #Bitcoin<\/a> ETF gets approved \u2026 the clearing price of $BTC<\/a> is above $150,000.\u201d \u2013 Tom Lee @fundstrat<\/a> pic.twitter.com\/ILQZqdjsZA<\/a><\/p>\n

\u2014 Michael Saylor\u26a1\ufe0f (@saylor) August 16, 2023<\/a><\/p><\/blockquote>\n

The United States currently makes up 97.7% of the global trading volume<\/a> for crypto-related ETFs, according to\u00a0Bloomberg senior ETF analyst Eric Balchunas. Once spot Bitcoin ETFs are approved, this could go to 99.5%, he said.\u00a0<\/p>\n

However, even if the spot ETF applications are rejected, Lee still predicts a considerable price push to come from Bitcoin\u2019s next halving event, expected to take place in April 2024.<\/a><\/p>\n

\u201cYou will have a drop in supply again, so the clearing price has to increase. But it won\u2019t be six figures.\u201d<\/p><\/blockquote>\n

In June, Wall Street heavyweights Fidelity, Invesco, Wisdom Tree<\/a>\u00a0and\u00a0Valkyrie<\/a> followed the world\u2019s largest asset manager BlackRock<\/a> in applying for a Bitcoin spot ETF with the SEC.<\/p>\n

However, some of these firms may not learn their fate until sometime in 2024 as the SEC has up to\u00a0240 days to make a final decision<\/a> on an application after commencing the review process.<\/p>\n

The outcome of Grayscale\u2019s appeal to convert its GBTC trust product into a Bitcoin spot ETF is however expected to come sooner<\/a> rather than later.<\/p>\n

Bloomberg ETF analysts Eric Balchunas and James Seyffart recently estimated that there\u2019s a 65% chance<\/a> of these Bitcoin spot ETFs being approved by the securities regulator \u2014 a significant increase from before BlackRock\u2019s application.<\/p>\n

Related: <\/em><\/strong>$160K at next halving? Model counts down to new Bitcoin all-time high<\/em><\/strong><\/a> <\/em><\/strong><\/p>\n

Other have tipped that a $100,000 Bitcoin price could come much sooner than expected, with Blockstream CEO Adam Back<\/a>\u00a0recently wagering that Bitcoin will notch the new price milestone\u00a0the month before the halving event<\/a>.<\/p>\n

However, not everyone is inclined to agree. Jesse Myer, the co-founder of Bitcoin investment firm Onramp, explained on Aug. 15 that the market would only price in the changed reality 12-18 months post-halving.<\/a><\/p>\n

\u201cBitcoin won\u2019t surge to $100k before the next halving,\u201d he said.<\/p>\n

Magazine: <\/em><\/strong>Hall of Flame: Wolf Of All Streets worries about a world where Bitcoin hits $1M<\/em><\/strong><\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The price of Bitcoin (BTC) will surge past an eye-watering $150,000 by the end of 2024, as long as the current slew of United States spot-Bitcoin\u00a0exchange-traded funds (ETFs) are approved, according to investment research boutique Fundstrat. In an Aug. 16 interview on CNBC\u2019s Squawk Box, Fundstrat\u2019s managing partner and head of research Tom Lee predicted […]<\/p>\n","protected":false},"author":2,"featured_media":138206,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-138205","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/138205","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=138205"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/138205\/revisions"}],"predecessor-version":[{"id":148161,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/138205\/revisions\/148161"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/138206"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=138205"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=138205"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=138205"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}