Tom Lee expects Bitcoin at $150k with spot ETF approvals

Crypto.information – Tom Lee of Fundstrat foresees a possible surge in Bitcoin’s worth, notably if the US approves spot ETFs, hinting at costs exceeding $150,000.

In a latest CNBC interview, Tom Lee, co-founder of Fundstrat International Advisors, predicted a possible surge in Bitcoin’s worth, particularly if spot Bitcoin exchange-traded funds (ETFs) obtain US approval.

Lee believes that if the US greenlights a number of spot Bitcoin ETF purposes, Bitcoin’s demand may overtake its each day provide, probably driving its value past $150,000. Whereas spot Bitcoin ETFs can be found in Europe, US approval may create a bigger ripple impact as a result of nation’s important function in crypto-related ETF buying and selling.

This bullish outlook coincides with expectations surrounding Bitcoin’s subsequent halving occasion in April 2024, which many predict will end in elevated shortage and a subsequent value hike. Whatever the end result of present ETF purposes, Lee foresees a value rise as a result of halving’s results.

The US Securities and Trade Fee (SEC) can take as much as 240 days to finalize its resolution on Bitcoin ETFs. With trade giants like BlackRock (NYSE:) getting into the fray, many speculate that approvals could also be imminent.

Nevertheless, trade voices like Jesse Myer, co-founder of Bitcoin funding agency Onramp, warning that the market may not immediately mirror these optimistic projections. Regardless of various opinions, the hypothesis round Bitcoin’s future pricing stays a focus within the crypto world.

This text was initially revealed on Crypto.information