Bitcoin Price Could Jump 500%
– Fundstrat co-founder Tom Lee predicts that if a Spot Bitcoin ETF is approved by the SEC, Bitcoin’s price could reach $150,000 or even $180,000 by the end of next year.
– This would represent an increase of over 500% from the current price of $28,485.
– The approval of a Spot Bitcoin ETF could also lead to a new all-time high for Bitcoin.
The Importance Of SEC Approval For BTC Spot ETFs
– The US is a critical market for Spot Bitcoin ETFs due to its large investment companies.
– North America currently accounts for 98% of all crypto ETF trading volume, mostly futures-based ETFs.
– If the SEC approves Spot Bitcoin ETFs, it would attract major institutions and investors, pushing North America’s stake to over 99.5%.
No Guarantee of Approval
– The SEC has rejected previous Spot Bitcoin ETF applications, citing concerns over market risk.
– The recent delay letter for Ark Invest’s application raises uncertainty about approval.
– Tom Lee believes that if the SEC doesn’t approve the applications, Bitcoin’s next halving in April 2024 could be the catalyst for a price spike.
Expectations of a Bull Run
– Analysts anticipate that a Spot Bitcoin ETF approval would trigger a new bull run and all-time highs for Bitcoin.
– Robert Kiyosaki believes Bitcoin could reach $1 million in the event of a stock and bond market crash.
– However, there is no guarantee of a Spot Bitcoin ETF approval from the SEC.
Hot Take
The approval of a Spot Bitcoin ETF by the SEC could have a significant impact on Bitcoin’s price, potentially leading to a 500% increase and a new all-time high. However, there are no guarantees, and the market remains uncertain. Investors should closely monitor the SEC’s decisions and the overall market conditions to make informed investment decisions.
By
By
By
By
By