Bitcoin Could Surge Nearly 420% if Right Fundamentals Align, Says Tom Lee
Bitcoin bull Tom Lee of Fundstrat Global Advisors believes that the cryptocurrency could experience a significant surge in price if certain factors align. In an interview with CNBC, Lee stated that the future of crypto is dependent on monetary policy and benefits from cooling inflation, which is expected to be followed by central bank easing. He also mentioned that the approval of a spot-based Bitcoin exchange-traded fund (ETF) could be a major catalyst for Bitcoin’s price to surpass six-figures. Without the ETF, Lee still sees potential for Bitcoin’s price to rise due to its upcoming halving next year. However, the approval of the ETF would create greater demand than the daily supply of Bitcoin, potentially driving the price over $150,000.
Main Key Points:
- Crypto is influenced by monetary policy and thrives in a low inflation environment.
- The approval of a spot-based Bitcoin ETF could be a major catalyst for Bitcoin’s price surge.
- Bitcoin’s halving next year will also contribute to its price increase.
- The approval of a spot-based Bitcoin ETF could drive Bitcoin’s price above $150,000.
- Former SEC official predicts higher chances of ETF approval if a Republican is elected president in 2024.
Your Takeaway:
According to Tom Lee, Bitcoin has the potential to surge nearly 420% if the right fundamentals align. The approval of a spot-based Bitcoin ETF and the upcoming halving are identified as key factors that could drive Bitcoin’s price over $150,000. However, the approval of the ETF is seen as a more significant catalyst. It’s worth noting that there may be a higher likelihood of ETF approval if a Republican president is elected in 2024, according to a former SEC official. Crypto enthusiasts should keep a close eye on these developments as they could have a significant impact on Bitcoin’s future.
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