Bitcoin ETF Approval Could Propel BTC Prices to $185,000, Says Expert
If the United States Securities and Exchange Commission (SEC) approves a spot Bitcoin exchange-traded fund (ETF) in the near future, BTC prices could soar to $185,000, according to Tom Lee, a well-known Bitcoin analyst.
- Lee believes that a spot ETF would create an “imbalance” between supply and demand, leading to a surge in prices.
- Bitcoin is currently trading below $30,000 but remains stable.
- Despite a significant decline in the past 20 months, Bitcoin remains the largest cryptocurrency by market cap.
- The SEC has previously rejected applications for a Bitcoin ETF but has approved a Bitcoin Futures ETF.
- Following a recent court ruling in favor of Grayscale’s Bitcoin spot ETF, there is optimism that the SEC may approve a spot BTC ETF soon.
Eric Balchunas and James Seyffart, senior ETF analysts at Bloomberg, have increased the odds of SEC approval for a spot ETF to 75% in 2023. If not approved this year, they estimate a 95% probability for approval in 2024.
Hot Take:
Approval of a spot Bitcoin ETF by the SEC could have a significant impact on BTC prices, potentially driving them up to $185,000 or higher. The crypto community eagerly awaits the decision, as it could mark a major milestone for Bitcoin and the overall cryptocurrency market.
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