American investor and monetary analyst Tom Lee expects Bitcoin price to skyrocket within the coming future, if issues go as anticipated with the U.S. Securities and Change Fee (SEC) filings for exchange-traded funds (ETF). The Fundstrat analyst’s remark comes at a time when the highest cryptocurrency continues to take care of nearly sideways sample from the final week of June 2023.
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Ranging from March 2023, the S&P 500 Index, which is most intently correlated with Bitcoin amongst all main US inventory indices, is on a gentle upward trajectory, in keeping with BTC worth. Additionally, the merchants have been largely resilient when it comes to confidence in investing within the crypto market in the identical interval, throughout which the spotlight was the mass Bitcoin ETF filings from a number of high monetary corporations.
What If Spot ETFs Are Authorized?
Talking to CNBC on August 16, 2023, Tom Lee mentioned BTC’s clearing worth can be above $150,000 if issues go as anticipated across the ETF filings. Nonetheless, if in case the ETF doesn’t get accepted in the USA, it may nonetheless go up due to the Bitcoin Halving occasion anticipated within the first half of 2024, he defined. In that case, the Halving alone may propel the BTC worth however not above the $100,000 mark, Lee predicted.
“If the Spot Bitcoin ETF will get accepted, the demand can be better than the availability of Bitcoin, so I believe the clearing worth of $BTC may very well be above $150,000 and even $180,000.”
In the meantime, Michael Saylor-founded MicroStrategy, which is the most important institutional Bitcoin investor on the earth, continues to imagine within the potential of the highest cryptocurrency. Earlier, CoinGape reported that the corporate held as many as 152,800 BTC as of July 31, 2023, with potential for extra buying within the upcoming quarters.
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The introduced content material might embrace the private opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any accountability on your private monetary loss.