Tom Lee, an American investor and financial expert, forecasts that the price of Bitcoin (BTC) will soar to unprecedented heights in the near future, provided that the filings for a Bitcoin spot exchange-traded fund (ETF) with the United States Securities and Exchange Commission (SEC) go as planned.
The observation made by the Fundstrat analyst is timely, given that the flagship digital asset has been trading in a pattern that is virtually identical to sideways movement since the last week of June 2023. Speaking on CNBC’s Squawk Box on August 16, 2023, Lee noted that BTC’s clearing price would be above $150,000 if things go as anticipated around the ETF filings. H
Nevertheless, he said that even in the event that the ETF does not get approval in the United States, the price of Bitcoin may still increase because of the Bitcoin Halving event, which is anticipated to take place in the first half of 2024. In such a scenario, Lee anticipated that the Bitcoin price might be pushed higher by the Halving event alone, but not past the $100,000.
“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.”
Europe’s first Bitcoin ETF gets listed
Notably, Fidelity Digital Assets — which specializes in solutions to institutional investors on the cryptocurrency market — was chosen by Jacobi Asset Management to custody Bitcoin (BTC) for the recently announced the first spot Bitcoin ETF in Europe.
The novel asset is already listed and being exchanged under the ticker BCOIN at Euronext Amsterdam, with the last trading price of $19.89 at the time of publication.
Meanwhile, Bitcoin is currently trading at $29,099, down a little over 1% in the last 24 hours, according to the latest market data retrieved via Finbold.com.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.