According to Fundstrat analyst Tom Lee, the price of Bitcoin could hit $150,000 if the ETFs receive SEC approval.
According to American investor Tom Lee, the price of Bitcoin could reach up to approximately $150,000 per coin in a short time. However, this would depend on the approval of a spot ETF by the United States Securities and Exchange Commission (SEC).
The forecast of this expert becomes a hope for the community considering the stagnation of the pioneering digital currency. The BTC price sideways state continues to such an extent that volatility is now at all-time lows.
Lee’s considerations agree with those of Bernstein analyst Gautam Chhugani. The latter thinks that if the regulatory agency approves any ETFs, they will occupy 10% of the Bitcoin market capitalization. Furthermore, this will lead to the price of the coin entering a powerful rally, he says.
Bitcoin Price Will Rise Rapidly, According to Lee
Tom Lee’s forecast is not only for a rise in the price of Bitcoin towards a new all-time high (ATH). In addition, he points out that this will happen very quickly. In this sense, it will be key for investors to be attentive in September before the agency’s pronouncement.
The agency recently deferred the Ark Invest Spot ETF again. However, next month is the review of proposals from other financial firms. The SEC is likely to put off those decisions as well, but it should not be overlooked that the pressure on regulators is mounting.
As such, if the Wall Street big boys continue to push for their BTC funds, the SEC will likely have no choice. It is precisely to these circumstances that Lee refers when he states that it is highly probable that the price of the currency will reach new bullish dimensions.
During an interview on CNBC’s Squawk Box on Wednesday, the expert stressed that if everything goes “as expected”, then the price would go to 150K. On the other hand, he said that in case the SEC maintains its negative position, the price was bound to rise as well. In that case, Tom Lee highlighted the bullish role next year’s Bitcoin halving will play.
In that scenario, the analyst believes that the price of the coin will also rise strongly, although it will not exceed $100,000.
An ETF Will Drive Demand to a Level Much Higher than Supply
Under any of the possible scenarios, Tom Lee believes that the price of Bitcoin will break the current state of stagnation. The analyst’s words appear as a sign of hope for investors who are already showing signs of exhaustion. And it is not for less, since the value of BTC has been the same since the end of June.
“If the Bitcoin spot ETF is approved, the demand would be greater than the supply, so I think the settlement price could be above $150,000 or even $180,000,” he remarked.
Currently, the situation in the cryptocurrency market seems to be the worst in recent days. Consequently, the BTC price threatens to lose $29,000 again, down -2.4% in 7 days. Likewise, in the 24-hour range, its value decreases by -1.1%, according to CoinGecko.
This situation extends to almost all major coins, with the exception of Toncoin. Taking Tom Lee’s words for granted, it can be said that the price of Bitcoin is on the verge of a notable rise.
By Audy Castaneda
