Bitcoin’s price is expected to surge beyond $150,000 by the end of 2024, provided that the current wave of United States spot-Bitcoin exchange-traded funds (ETFs) gets approved, as stated by investment research firm Fundstrat.
Explained: Tom Lee, the managing partner and head of research at Fundstrat, emphasized that the approval of Bitcoin spot ETFs would create a significant shift in the supply-demand dynamics of Bitcoin, leading to substantial price appreciation. If the spot Bitcoin ETFs are approved, Lee predicts the demand for Bitcoin will surpass its daily supply, potentially driving the price well over $150,000, possibly even reaching $180,000.
It is important to note that this projection is specifically for United States-approved spot Bitcoin ETFs, as there are already such ETFs available in Europe. Currently, the United States accounts for 97.7% of the global trading volume for crypto-related ETFs.
Bloomberg senior ETF analyst Eric Balchunas suggests that this dominance could increase to 99.5% once spot Bitcoin ETFs are approved. Even if the spot ETF applications are rejected, Lee still believes that Bitcoin’s price will experience a considerable boost due to the upcoming halving event expected in April 2024.