Bitcoin prices could potentially reach $185,000 if the United States Securities and Exchange Commission (SEC) approves a spot Bitcoin exchange-traded fund (ETF) in the near future, according to expert opinions. Tom Lee, a prominent figure in the Bitcoin market, highlighted in a CNBC interview that a spot ETF would absorb all the daily supply of BTC, leading to an imbalance in demand and supply.
This, in turn, would drive prices significantly higher. Despite the volatility it has experienced over the past 20 months, Bitcoin remains the largest cryptocurrency by market capitalization. After reaching all-time highs of over $69,000, sentiment shifted in 2022, resulting in a sharp sell-off that slashed prices by more than half.
However, since that time, prices have recovered and surged by over 50%. The SEC, known for its strict regulations, has been hesitant to approve a Bitcoin spot ETF, while they have given the go-ahead for a Bitcoin Futures ETF. Nevertheless, a recent court ruling in favor of Grayscale’s Bitcoin spot ETF has raised optimism within the crypto community.
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