• Tom Lee, the managing partner of Fundstrat Global Advisors, predicts that Bitcoin could reach 6 figures before halving in 2024.
• He believes that a spot Bitcoin ETF could trigger a substantial rally and drive BTC’s price to an impressive range of $140,000 to $180,000 by April next year.
• This forecast indicates a remarkable increase of 380% to 516% from the current levels.
Bitcoin Halving Prediction
The cryptocurrency community is eagerly awaiting the potential approval of a Bitcoin exchange-traded fund (ETF), which could have a significant impact on BTC prices. Notable analyst Tom Lee, the managing partner of Fundstrat Global Advisors, has made a bold prediction that Bitcoin could reach 6 figures before the scheduled halving in 2024.
Tom Lee’s Bold Predictions
In research note , Tom Lee explained that if an ETF is approved it could trigger a substantial rally raising BTC’s price range up to $140,000 to $180,000 by April next year – representing an incredible increase of 380% to 516%. The daily demand for Bitcoin would go up 4X-5X if an ETF is approved according to key reason behind Lee’s prediction which was projected by Fundstrat head of crypto strategy Sean Farrell.
Will A Bitcoin ETF be Approved?
Tom Lee mentioned that despite numerous rejections in the past he remains hopeful about the odds of a spot in Bitcoin ETF finally getting approved in the US due to what he calls “BlackRock effect” as a significant factor.
Current Market Conditions
The current bitcoin market appears to be balanced with $25 million in daily block rewards and an equal amount in daily demand. If this balance is disrupted through increased demand then equilibrium price would have to rise accordingly resulting in the projected price range as estimated by Tom Lee.
Conclusion
The approval of an ETF for bitcoin would undoubtedly have major implications for its future trajectory with prices reaching unprecedented highs – making it more attractive than ever before for investors looking for potential gains from their investments. Only time will tell whether or not Tom Lee’s predictions will come true but one thing is certain – his optimism certainly has many people excited about what lies ahead for bitcoin!