It looks like the optimistic predicitons about Bitcoin are still pouring in, despite the apparent bearish market. Check out the latest reports about this below.
Bitcoin to reach $150k due to 1 factor
According to Tom Lee of Fundstrat Global Advisors, Bitcoin has the potential to surge by almost 420% from current prices if the right fundamentals align.
In an interview with CNBC, Lee emphasizes that cryptocurrency is heavily reliant on monetary policy and benefits from lower inflation rates due to expected central bank easing.
He further explains that the approval of a spot-based Bitcoin exchange-traded fund (ETF) could be the key catalyst that propels BTC well over six-figures.
However, without the spot-ETF, Lee clarifies that Bitcoin still has tailwinds from its halving next year, but that alone won’t be sufficient to push BTC above the $100,000 mark.
“If the spot Bitcoin [ETF] gets approved, I think the demand will be greater than the daily supply of Bitcoin, and so the clearing price… Is over $150,000. It could even be like $180,000…”
He continued and stated the following:
“There’s still upside catalysts because of the halving next year, so you’ll have a drop in supply again so the clearing price has to increase but it won’t be six figures.”
According to former U.S. Securities and Exchange Commission (SEC) official John Reed Stark, a Republican victory in the 2024 presidential election could lead to the approval of a spot-based Bitcoin ETF.
Due to the current partisan divide surrounding crypto, particularly within the SEC, it is likely that a Republican-appointed SEC will take significant steps to decrease crypto-enforcement efforts, focusing mainly on fraud cases and shifting attention away from registration violations.
Furthermore, such a SEC is predicted to be far more open to approving a Bitcoin spot ETF and other crypto-friendly regulatory actions.
At the moment of writing this article, BTC is trading in the red and the king coin is priced just a little above $28k.
