The price of Bitcoin is expected to surge beyond $150,000 by the end of 2024, given the approval of current United States Spot-Bitcoin exchange-traded funds (ETFs), as predicted by investment research firm Fundstrat.
In an interview on CNBC’s Squawk Box on August 16, Tom Lee, Fundstrat’s managing partner and head of research, anticipated that successful Bitcoin spot ETF applications would alter Bitcoin’s supply and demand dynamics, leading to significant price appreciation.
When questioned about Bitcoin’s potential price by next year’s end, Lee confidently stated, “If the spot Bitcoin ETF gets approved, I think the demand will surpass the daifly supply of Bitcoin, pushing the clearing price over $150,000, potentially even reaching $180,000.”
Lee clarified that this would hold true only for a United States-approved spot Bitcoin ETF, considering spot Bitcoin ETFs already exist in Europe. Currently, the United States accounts for 97.7% of global trading volume for crypto-related ETFs, with the possibility of this rising to 99.5% upon approval of spot Bitcoin ETFs.
![Fundstrat head Lee predicts Bitcoin can touch $150K](https://cryptoshrypto.com/wp-content/uploads/2023/08/Screenshot-2023-08-17-191722-300x261.png)
Lee anticipates a big price increase as a result of the forthcoming Bitcoin halving event, which is scheduled for April 2024, even in the case that spot ETF applications are denied. “Supply will decline again,” he said, “resulting in a spike in the selling price. It won’t, nevertheless, touch six figures.
In June, prominent players in Wall Street such as Fidelity, Invesco, Wisdom Tree, and Valkyrie followed BlackRock, the largest asset manager globally, in applying for a Bitcoin spot ETF with the SEC. Some of these firms might not receive a decision until 2024, as the SEC has up to 240 days to finalize an application after beginning the review process.
It is believed that Grayscale’s request to have its GBTC trust product changed into a Bitcoin spot ETF would succeed sooner rather than later.
Bloomberg’s ETF analysts, Eric Balchunas and James Seyffart, estimated a 65% likelihood of these Bitcoin spot ETFs gaining approval from the securities regulator, a substantial increase from before BlackRock’s application.
There is speculation that the $100,000 Bitcoin price could arrive sooner than expected. Blockstream CEO Adam Back suggested that Bitcoin could hit this milestone a month before the halving event.
However, there’s disagreement among experts. Jesse Myer, co-founder of Bitcoin investment firm Onramp, shared that the market would take 12-18 months post-halving to reflect the altered reality.”Bitcoin won’t soar to $100k until the next halving,” he predicted.