American investor and financial analyst Tom Lee expects Bitcoin price to skyrocket in the coming future, if things go as expected with the U.S. Securities and Exchange Commission (SEC) filings for exchange-traded funds (ETF). The Fundstrat analyst’s comment comes at a time when the top cryptocurrency continues to maintain almost sideways pattern from the last week of June 2023.
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Starting from March 2023, the S&P 500 Index, which is most closely correlated with Bitcoin among all major US stock indices, is on a steady upward trajectory, in line with BTC price. Also, the traders have been largely resilient in terms of confidence in investing in the crypto market in the same period, during which the highlight was the mass Bitcoin ETF filings from several top financial companies.
What If Spot ETFs Are Approved?
Speaking to CNBC on August 16, 2023, Tom Lee said BTC’s clearing price would be above $150,000 if things go as anticipated around the ETF filings. However, if in case the ETF does not get approved in the United States, it could still go up thanks to the Bitcoin Halving event expected in the first half of 2024, he explained. In that case, the Halving alone could propel the BTC price but not above the $100,000 mark, Lee predicted.
“If the Spot Bitcoin ETF gets approved, the demand would be greater than the supply of Bitcoin, so I think the clearing price of $BTC could be above $150,000 or even $180,000.”
Meanwhile, Michael Saylor-founded MicroStrategy, which is the largest institutional Bitcoin investor in the world, continues to believe in the potential of the top cryptocurrency. Earlier, CoinGape reported that the company held as many as 152,800 BTC as of July 31, 2023, with potential for more purchasing in the upcoming quarters.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.