The leading crypto Bitcoin is stuck in the $ 29 thousand $ 31 thousand range. Some analysts expect to dive deeper, while others point to highs. Fundstrat’s Tom Lee predicts BTC will hit ‘above $150k’ if the spot Bitcoin ETF is approved.
“BTC crosses $150k if spot Bitcoin ETFs get approval!”
The American investor and financial expert predicted on August 16, 2023 that the price of Bitcoin (BTC) would rise to unprecedented levels in the near future, provided that filings with the United States Securities and Exchange Commission (SEC) for a Bitcoin spot exchange-traded fund (ETF) go as planned. guesses.
Meanwhile, the leading cryptocurrency has been moving sideways since the last week of June 2023. Fundstrat analyst’s prediction comes as Bitcoin is trading in this pattern. Lee revealed his views on CNBC’s Squawk Box on August 16, 2023. Tom Lee notes that if things go according to expectations in his ETF applications, the BTC price will be above $ 150,000. In this context, Tom Lee makes the following statement:
If the Spot Bitcoin ETF is approved, the demand will outweigh the supply of Bitcoin. Therefore, I think the swap price of BTC could be over $150,000 or even $180,000.
https://twitter.com/SimplyBitcoinTV/status/1691811080605986927
Second catalyst: BTC halving
However, the Fundstrat analyst also considers the ETF’s failure to gain approval in the United States. Even in this situation, Lee is not hopeless. The reason for his hope is the Bitcoin Halving event, which is expected to take place in the first half of 2024. He says that it is possible for the BTC price to rise anyway because of this event.
In such a scenario, Lee states that the BTC price will only rise due to the Halving event. Therefore, he predicts that the leading cryptocurrency will not exceed $100,000.
Europe’s first Bitcoin ETF listed
Fidelity Digital Assets, which specializes in solutions for institutional investors in the cryptocurrency market, has been selected by Jacobi Asset Management to hold BTC for the first spot Bitcoin ETF in Europe recently announced.
This new asset is currently listed and traded on Euronext Amsterdam under the acronym BCOIN. Meanwhile, the last trading price of the related asset is $19.89 at the time of publication. On the other hand, according to the latest market data, Bitcoin is currently trading at $29,144. Also, the coin has seen a drop of just over 0.5% in the last 24 hours.
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