Bitcoin

April

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 Tom Lee, managing partner at Fundstrat Global Advisors, believes Bitcoin (BTC) may reach six digits before halving in 2024. 
 According to Lee’s research report, introducing a spot Bitcoin exchange-traded fund (ETF) may cause BTC to increase in value to between $140,000 and $180,000 before the end of April of the following year. 
 If executed, there would be an increase between 380% and 516% from the present levels. 
 The Fundstrat managing partner claims that Sean Farrell, the company’s head of cryptocurrency strategy, argued that establishing a spot Bitcoin ETF would result in a five-fold rise in daily demand for Bitcoin as the foundation for his projection. 
 The Bitcoin market is currently in balance with $25 million in daily block rewards and $25 million in daily demand. 
 Demand for ETFs might increase by $25 billion in the first year, according to Sean [Farrell]. The request for this is $100 million each day. 
 With only $25 million in supply each day, this would result in a $125 million daily demand. So that daily supply and daily demand are balanced, the suggested equilibrium price would have to increase.&nbsp; 
 Before the April 2024 halving, equilibrium <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> predicts a clearing price of $140,000 to $180,000. 
 This concept of higher equilibrium pricing is often consistent. Sean Farrell estimates the flow multiplier for Bitcoin to be 4X–5X. 
 Regarding the likelihood of a spot Bitcoin ETF being approved in the US after being repeatedly rejected in the past, Lee states: 
 The Bitcoin ETF may at last be approved. Sean Farrell thinks that the ‘BlackRock effect’ has made this far more likely in the present. 
 BlackRock, the most significant financial company in the world by assets under management, applied for a spot in Bitcoin ETF last month. 
 At the time of writing, the price of one bitcoin is $29,191.  
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Bitcoin’s Explosive 350% Surge Predicted By Fundstrat’s Tom Lee

TheBitTimes

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