Author: BRAYDEN LINDREA, COINTELEGRAPH; Translation: 松雪, LianGuai
According to investment research firm Fundstrat, the price of Bitcoin is expected to skyrocket to an astonishing $150,000 by the end of 2024, as long as a large number of US spot Bitcoin exchange-traded funds (ETFs) are approved.
In an interview with CNBC Squawk Box on August 16th, Tom Lee, Managing Partner and Head of Research at Fundstrat, predicted that a series of successful Bitcoin spot ETF applications would shift the supply and demand dynamics of Bitcoin, leading to a significant increase in price.
When asked about the price of Bitcoin by the end of next year, Lee didn’t hold back, saying, “If spot Bitcoin (ETF) is approved, I believe the demand will exceed the daily supply of Bitcoin, so the price will exceed $150,000 and may even reach around $180,000.”
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Lee clarified that this would be the case as long as it is a spot Bitcoin ETF approved in the United States, as there are already spot Bitcoin ETFs in Europe.
Eric Balchunas, Senior ETF Analyst at Bloomberg, said that the United States currently accounts for 97.7% of the trading volume of cryptocurrency-related ETFs. He stated that once spot Bitcoin ETFs are approved, this proportion could reach 99.5%.
However, even if the spot ETF applications are rejected, Lee still predicts that the next Bitcoin halving event (expected to occur in April 2024) will lead to a significant price increase.
“The supply will decrease again, so the price must rise. But it won’t be in the six figures.”
In June, heavyweight Wall Street giants Fidelity, Invesco, Wisdom Tree, and Valkyrie followed the footsteps of the world’s largest asset management company, BlackRock, in applying for Bitcoin spot ETFs with the SEC.
However, some of these companies may not know their fate until some time in 2024, as the SEC has up to 240 days from the start of the review process to make a final decision on the applications.
However, it is expected that the result of Grayscale’s call to convert its GBTC trust product into a Bitcoin spot ETF will eventually appear.
Recently, Bloomberg ETF analysts Eric Balchunas and James Seyffart estimated that the likelihood of these Bitcoin spot ETFs being approved by securities regulators is 65%, significantly increasing before BlackRock’s application.
Others have hinted that the price of Bitcoin may reach $100,000 sooner than expected, with Blockstream CEO Adam Back recently betting on Bitcoin hitting a new price milestone one month before the halving event.
However, not everyone agrees. Jesse Myer, co-founder of Bitcoin investment firm Onramp, explained on August 15th that the market only prices in the changes within 12-18 months after the halving.
“Bitcoin will not skyrocket to $100,000 until the next halving,” he said.
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