Once Spot ETFs Are Permitted, The Price Of Bitcoin Will Increase Above $150K

Even if the applications for Bitcoin spot ETFs get turned down, Lee believes the Bitcoin price would increase due to the halving event, but not to six figures.

Source: www.coinkolik.com

If the current wave of US spot-Bitcoin exchange-traded funds (ETFs) are authorized, the price of Bitcoin will soar over an eye-watering $150,000 by the end of 2024, predicts investment research firm Fundstrat. Fundstrat managing shareholder and head of analysis Tom Lee projected that a number of effective Bitcoin spot ETF filings will change the supply-demand dynamics of Bitcoin and cause a significant price increase from an interview on CNBC's Squawk Box on August 16.

Lee was forthcoming when asked what the price of Bitcoin may be by the end of the year. He said, “If the spot Bitcoin (ETF) is authorized, I believe that consumer demand will be bigger than the average daily supply of Bitcoin, meaning that the clear price [...] is exceeding $150,000, it might go as high as $180,000.” Since there already exist spot Bitcoin ETFs in Europe, Lee explained that this might be the case as long as it is a U.S.-approved spot Bitcoin ETF. According to Eric Balchunas, senior ETF analyst at Bloomberg, the United States presently accounts for 97.7% of the total trading activity for crypto-related ETFs worldwide. This might increase to 99.5% after spot Bitcoin ETFs are permitted, he said. 

However, given that the SEC needs up to 240 days to issue its decision on a filing after starting the review process, some of these corporations might not find out their destiny until some time in 2024. It is anticipated that Grayscale's appeal to have its GBTC trust product changed into a Bitcoin spot ETF will be resolved sooner instead of later. There is now a significantly higher likelihood of these Bitcoin spot ETFs getting authorized by the securities commission than there was prior to BlackRock's submission according to recent estimates by Bloomberg ETF experts Eric Balchunas and James Seyffart.

At The Following BTC Halving, $160K? Model Runs Towards A New All-Time High For Bitcoin

The Blockstream CEO Adam Back previously bet that Bitcoin will reach its next price milestone within the month prior the halving event, echoing other predictions that a $100,000 Bitcoin price may arrive far sooner than anticipated. Not everybody, though, is inclined to concur. On August 15, Jesse Myer, the co-founder of the Bitcoin investing business Onramp, outlined how the market will not begin to reflect the new reality until 12 to 18 months after the halving.

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