United

Bitcoin

April

Spot

James

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 Even if the filings for Bitcoin spot ETFs are rejected, Lee predicts Bitcoin’s halving event will still push up BTC's price — but not to six figures. 
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<div class="cointelegraph"> 
 The <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> of Bitcoin (BTC) will <a rel="noopener noreferrer nofollow" title="surge" href="https://thebittimes.com/tag/surge.html">surge</a> past an eye-watering $150,000 by the end of 2024, as long as the current slew of United States spot-Bitcoin&nbsp;exchange-traded funds (ETFs) are <a rel="noopener noreferrer nofollow" title="approved" href="https://thebittimes.com/tag/approved.html">approved</a>, according to investment research boutique Fundstrat. 
 In an Aug. 16 interview on CNBC’s Squawk Box, Fundstrat’s managing partner and head of research Tom Lee predicted that a bundle of successful Bitcoin spot ETF applications will shift Bitcoin’s supply-demand dynamics towards considerable price appreciation. 
 When asked what the price of Bitcoin could be by the end of next year, Lee didn’t hold back: 
 <blockquote>
 “If the spot Bitcoin (ETF) gets approved, I think the demand will be greater than the daily supply of Bitcoin, so the clearing price [...] is over $150,000, it could even be like $180,000.” 
 </blockquote> 
 Lee clarified that this could be the case so long as it is a United States-approved spot Bitcoin ETF, as there are already spot Bitcoin ETFs in Europe.&nbsp; 
 <blockquote class="twitter-tweet"> 
 “If the Spot #Bitcoin ETF gets approved … the clearing price of $BTC is above $150,000.” – Tom Lee @fundstrat pic.twitter.com/ILQZqdjsZA— Michael Saylor️ (@saylor) August 16, 2023 
 </blockquote> 
 The United States currently makes up 97.7% of the global trading volume for crypto-related ETFs, according to&nbsp;Bloomberg senior ETF analyst Eric Balchunas. Once spot Bitcoin ETFs are <a rel="noopener noreferrer nofollow" title="approved" href="https://thebittimes.com/tag/approved.html">approved</a>, this could go to 99.5%, he said.&nbsp; 
 However, even if the spot ETF applications are rejected, Lee still predicts a considerable price push to come from Bitcoin’s next halving event, expected to take place in April 2024. 
 <blockquote>
 “You will have a drop in supply again, so the clearing price has to increase. But it won’t be six figures.” 
 </blockquote> 
 In June, Wall Street heavyweights Fidelity, Invesco, Wisdom Tree&nbsp;and&nbsp;Valkyrie followed the world’s largest asset manager BlackRock in applying for a Bitcoin spot ETF with the SEC. 
 However, some of these firms may not learn their fate until sometime in 2024 as the SEC has up to&nbsp;240 days to make a final decision on an application after commencing the review process. 
 The outcome of Grayscale’s appeal to convert its GBTC trust product into a Bitcoin spot ETF is however expected to come sooner rather than later. 
 Bloomberg ETF analysts Eric Balchunas and James Seyffart recently estimated that there’s a 65% chance of these Bitcoin spot ETFs being approved by the securities regulator — a significant increase from before BlackRock’s application. 
 Related: $160K at next halving? Model counts down to new Bitcoin all-time high 
 Other have tipped that a $100,000 Bitcoin price could come much sooner than expected, with Blockstream CEO Adam Back&nbsp;recently wagering that Bitcoin will notch the new price milestone&nbsp;the month before the halving event. 
 However, not everyone is inclined to agree. Jesse Myer, the co-founder of Bitcoin investment firm Onramp, explained on Aug. 15 that the market would only <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> in the changed reality 12-18 months post-halving. 
 “Bitcoin won’t surge to $100k before the next halving,” he said. 
 Magazine: Hall of Flame: Wolf Of All Streets worries about a world where Bitcoin hits $1M 
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Bitcoin price will surge past $150K if spot ETFs are approved: Analyst

TheBitTimes

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