Tom Lee Predicts Bitcoin Price of $150,000 if ETF is Approved
According to Fundstrat analyst Tom Lee, if the spot BTC ETF is approved, the demand for Bitcoin will surpass the supply. Lee and his team predict a clearing price of $150,000 to $180,000, but only if the ETF is approved in the United States. However, if the ETF applications are rejected, Lee believes that the halving will still create demand and price gains, but it won’t reach six figures. It’s important to note that Lee has made bold predictions in the past, some of which did not come to fruition. Despite Lee’s optimistic forecast, Bitcoin has recently experienced a dip, falling to a two-month low.
BTC Falls to Two-Month Low as Bearish Sentiment Grows
Bitcoin’s price has fallen 2% to an intraday and two-month low of $28,430. This decline follows the release of the Federal Reserve meeting minutes, which indicated the need for higher interest rates. Analysts are expressing bearish sentiment, with some suggesting that a “savage breakdown” may be imminent. Willy Woo also commented on the current state of BTC, stating that it is “crunch time” and a strong move is on the horizon. Despite the recent dip, when considering the multi-month view, the decline is relatively minor.
Hot Take
Tom Lee’s bold prediction of a Bitcoin price of $150,000 if the ETF is approved highlights the potential impact of regulatory decisions on the cryptocurrency market. However, the recent dip in Bitcoin’s price serves as a reminder of the volatility and unpredictability of the market. As the crypto industry continues to evolve, it is crucial for investors to carefully consider the risks and uncertainties associated with cryptocurrencies.
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