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American investor and monetary analyst Tom Lee expects Bitcoin price to skyrocket within the coming future, if issues go as anticipated with the U.S. Securities and Exchange Commission (SEC) filings for exchange-traded funds (ETF). The Fundstrat analyst’s remark comes at a time when the highest cryptocurrency continues to keep up virtually sideways sample from the final week of June 2023.

Also Read: Cardano Price Prediction 2023, 2025, 2030: ADA signals for upcoming surge

Starting from March 2023, the S&P 500 Index, which is most carefully correlated with Bitcoin amongst all main US inventory indices, is on a gradual upward trajectory, in keeping with BTC worth. Also, the merchants have been largely resilient when it comes to confidence in investing within the crypto market in the identical interval, throughout which the spotlight was the mass Bitcoin ETF filings from a number of high monetary corporations.

What If Spot ETFs Are Approved?

Speaking to CNBC on August 16, 2023, Tom Lee mentioned BTC’s clearing worth could be above $150,000 if issues go as anticipated across the ETF filings. However, if in case the ETF doesn’t get permitted within the United States, it may nonetheless go up because of the Bitcoin Halving occasion anticipated within the first half of 2024, he defined. In that case, the Halving alone may propel the BTC worth however not above the $100,000 mark, Lee predicted.

“If the Spot Bitcoin ETF gets approved, the demand would be greater than the supply of Bitcoin, so I think the clearing price of $BTC could be above $150,000 or even $180,000.”

Meanwhile, Michael Saylor-founded MicroStrategy, which is the biggest institutional Bitcoin investor on the earth, continues to imagine within the potential of the highest cryptocurrency. Earlier, CoinGape reported that the corporate held as many as 152,800 BTC as of July 31, 2023, with potential for extra buying within the upcoming quarters.

Also Read: Ripple Vs SEC: US Supreme Court To Interfere If SEC Appeal Judge Torres’ Ruling

Anvesh experiences main crypto updates round regulation, lawsuits and buying and selling traits. Published round 1,000 articles and relying on crypto and net 3.0. He is at present primarily based in Hyderabad, India. Reach out to him at anvesh@coingape.com or twitter.com/BitcoinReddy

The offered content material might embrace the private opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any accountability to your private monetary loss.