The Price of Bitcoin (BTC) Could Surge Past $150,000 by 2024, Says Fundstrat Research Boutique
Investment research boutique Fundstrat predicts that the price of Bitcoin (BTC) will surge past $150,000 by the end of 2024, as long as the current slew of United States spot-Bitcoin exchange-traded funds (ETFs) are approved. Fundstrat’s managing partner and head of research, Tom Lee, made the prediction in an interview on CNBC’s Squawk Box. He believes that the approval of these ETFs will shift Bitcoin’s supply-demand dynamics, leading to significant price appreciation.
The Price of Bitcoin (BTC) Could Surge Past $150,000 by 2024, Says Fundstrat Research Boutique
In an interview, Fundstrat’s Tom Lee predicted that the price of Bitcoin could reach an eye-watering $150,000 by the end of 2024. Fundstrat is an investment research boutique known for its analysis of the cryptocurrency market. Lee’s prediction is based on the assumption that a number of United States spot-Bitcoin exchange-traded funds (ETFs) will be approved. If this happens, Lee believes that the demand for Bitcoin will exceed the daily supply, leading to a substantial increase in price.
Approval of US Spot-Bitcoin ETFs Could Drive Bitcoin’s Price Appreciation
According to Tom Lee, the approval of United States spot-Bitcoin exchange-traded funds (ETFs) would significantly impact Bitcoin’s price. Lee argues that the demand for Bitcoin would surpass its daily supply if spot Bitcoin ETFs were approved, resulting in a clearing price of over $150,000. He also mentions that there are already spot Bitcoin ETFs in Europe, but the United States market plays a crucial role in the global trading volume for crypto-related ETFs.
Tom Lee: Bitcoin’s Price Could Reach $180,000 with Spot Bitcoin ETF Approval
Tom Lee’s prediction goes even further, suggesting that Bitcoin’s price could reach $180,000 if spot Bitcoin ETFs are approved in the United States. He emphasizes that his prediction is specific to the approval of spot Bitcoin ETFs and not other types of ETFs. Lee’s optimism about the potential price surge stems from the expected increase in demand and limited supply, which he believes will drive the price of Bitcoin to new heights.
US Approval of Spot Bitcoin ETFs Could Lead to 99.5% Global Trading Volume
Bloomberg senior ETF analyst Eric Balchunas suggests that the approval of spot Bitcoin ETFs in the United States could result in the country’s share of the global trading volume for crypto-related ETFs increasing from 97.7% to 99.5%. This highlights the dominant role the United States plays in the cryptocurrency market and the potential impact of regulatory decisions on the industry. Approval of these ETFs could solidify the country’s position as a leading player in the crypto space.
Even Without ETF Approval, Bitcoin’s Next Halving Event Could Push Prices Higher
Even if the spot Bitcoin ETF applications are rejected, Tom Lee still expects Bitcoin’s price to rise significantly. He points to the next halving event, expected to take place in April 2024, as a catalyst for price appreciation. The halving event reduces the supply of new Bitcoins entering the market, creating scarcity and potentially driving up prices. While Lee doesn’t believe the price would reach six figures without ETF approval, he anticipates a notable increase in demand and clearing prices post-halving.
Fundstrat’s prediction of Bitcoin surpassing $150,000 by the end of 2024, along with Tom Lee’s expectation of a potential $180,000 price if spot Bitcoin ETFs are approved, highlights the growing interest and optimism surrounding the cryptocurrency. Whether or not these predictions come true, the anticipation of ETF approvals and the upcoming halving event are factors that will continue to shape the future of Bitcoin’s price. Investors and enthusiasts alike are eagerly watching these developments as they navigate the ever-evolving landscape of cryptocurrencies.
Analyst comment
Positive: The prediction of Bitcoin’s price surpassing $150,000 by the end of 2024, along with the potential for a $180,000 price if spot Bitcoin ETFs are approved, shows growing interest and optimism in the cryptocurrency market.
Less than 300 characters: The approval of spot Bitcoin ETFs in the US could drive Bitcoin’s price to new highs, potentially surpassing $150,000 or even $180,000. The upcoming halving event also creates anticipation for price appreciation.
