<\/p>\n
Speaking to CNBC on Aug. 16, Fundstrat analyst Tom Lee said that if the spot BTC ETF gets approved, the demand for Bitcoin will be greater than the supply.<\/p>\n
He added that the firm\u2019s crypto strategists predicted a clearing price of $150,000 to $180,000.<\/p>\n
The bold prediction is before the end of next year and only if a spot ETF is approved in the United States, he reiterated.<\/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>\n<\/blockquote>\n
No Six Figures Without ETF<\/h2>\n
When asked what would happen if the ETF applications are rejected, Lee said the halving will still create demand and price gains, \u201cbut it won\u2019t be six figures.\u201d<\/p>\n
It should be noted that Tom Lee is an uber-Bitcoin bull who has made bold predictions in the past. In late December 2020, Lee predicted<\/a> BTC would reach $120,000 the following year.<\/p>\n
In August 2021, he said<\/a> that BTC prices would reach $100,000 by the end of the year. In reality, it peaked at $69,000 in November and declined into a multi-year bear market after that.<\/p>\n
In February 2022, the Fundstrat Managing Partner predicted<\/a> that the Bitcoin price could surge to $200,000. However, by the end of 2022, BTC had slumped to a bear market cycle low of $16,000.<\/p>\n
Now just a few hours after he offered a $150,000 BTC price forecast, the asset has slumped to a two-month low.<\/p>\n
BTC has fallen 2% on the day to an intraday and two-month low of $28,430 during the Thursday morning Asian trading session.<\/p>\n
The move followed the release of the minutes of a Federal Reserve meeting in which it said it did not expect a recession though officials still saw the need for higher rates.<\/p>\n
Bitcoin Bears Lurking<\/h2>\n
Despite the fact that Bitcoin is still trading sideways<\/a> on longer-term charts, the bearish sentiment is seeping in.<\/p>\n
Analysts were saying that BTC looks very weak and a \u201csavage breakdown\u201d could be imminent.<\/p>\n
\nlooking like #btc<\/a> is about to lose this channel we formed over the last 2 weeks, all bounces from the highs have been super shallow with none even reaching any 0.618 fib levels.<\/p>\n
btc looking super weak to me with alts looking even worse and i cant help but feel a savage breakdown\u2026 pic.twitter.com\/WYPwgQGSGU<\/a><\/p>\n
\u2014 Bluntz (@Bluntz_Capital) August 16, 2023<\/a><\/p>\n<\/blockquote>\n
Meanwhile, Willy Woo said<\/a> it was \u201ccrunch time for BTC,\u201d adding:<\/p>\n
\n\u201cMacro headwinds from US dollar strength. Meanwhile there\u2019s increasing demand on futures market (pro traders) and on-chain fundamentals picking up. Either way, up or down, we are now setting up for a strong move. Volatility squeeze incoming.\u201d<\/p>\n<\/blockquote>\n
The dip is the largest since July 24 but is pretty minor when zooming out to view the multi-month view.<\/p>\n
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