- Tom Lee says bitcoin will rise in value even if applications for spot bitcoin-ETFs are rejected.
- He attributes the rise to bitcoin halving.
Bitcoin’s value could rise significantly by the end of 2024 if applications for spot bitcoin-ETFs are approved.
This prediction was made by Fundstrat analyst Tom Lee in an interview with CNBC’s Squawk Box program.
Lee also predicted the value of the first cryptocurrency by the end of next year:
“If the spot bitcoin ETFs get approved, I think demand will exceed daily supply, so the price will exceed the $150,000 mark, maybe even be $180,000.”
Lee foresees the value of the first cryptocurrency rising after the halving, scheduled for April 2024, even if applications for spot funds are rejected.
“There will be a drop in supply again, so the price should rise. But it won’t be six-figures,” the analyst believes.
As of this writing, bitcoin is trading at around $28,650, according to Coinmarketcap:
Bitcoin chart. Data: Coinmarketcap.Recently, analysts Eric Balchunas and James Seyffarth said the odds of approval for U.S. spot bitcoin-ETF applications have risen to 65%.
The U.S. Securities and Exchange Commission has once again delayed its review of a joint spot bitcoin-ETF registration application from Ark Invest and 21Shares.