Fundstrat World Advisors managing associate Tom Lee says one catalyst may spur Bitcoin (BTC) to hit a six-figure worth.
In a brand new CNBC interview, Lee says that demand for Bitcoin may skyrocket if and when a spot Bitcoin exchange-traded fund (ETF) is accredited within the US by the U.S. Securities and Change Fee (SEC).
“If the spot Bitcoin [ETF] will get accredited, I feel the demand might be better than the every day provide of Bitcoin. And so the clearing worth, that is finished by Sean Farrell who’s our crypto digital strategist, is over $150,000. It may even be like $180,000…
A spot US as a result of a spot Bitcoin ETF is accredited outdoors the US.”
Bitcoin is buying and selling at $26,432 at time of writing and would wish to understand by between 467% and 580% to achieve Fundstrat’s forecast.
On Bitcoin’s seemingly worth motion if a spot BTC ETF fails to win approval within the US, Lee says,
“There’s nonetheless upside due to the halving subsequent yr. So that you’ll have a drop in provide once more so the clearing worth has to extend. But it surely received’t be six figures.”
In keeping with the Bitcoin bull, the Federal Reserve’s financial coverage going ahead will impression crypto property.
“Crypto depends on financial coverage. So if inflation is cooling, then we are able to begin to wager on ahead monetary situations easing and the central financial institution easing sooner. That’s bullish for crypto, various property.”
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