Bitcoin’s Explosive 350% Surge Predicted By Fundstrat’s Tom Lee

Bitcoin's Explosive 350% Surge

Tom Lee, managing partner at Fundstrat Global Advisors, believes Bitcoin (BTC) may reach six digits before halving in 2024.

According to Lee’s research report, introducing a spot Bitcoin exchange-traded fund (ETF) may cause BTC to increase in value to between $140,000 and $180,000 before the end of April of the following year.

If executed, there would be an increase between 380% and 516% from the present levels.

The Fundstrat managing partner claims that Sean Farrell, the company’s head of cryptocurrency strategy, argued that establishing a spot Bitcoin ETF would result in a five-fold rise in daily demand for Bitcoin as the foundation for his projection.

The Bitcoin market is currently in balance with $25 million in daily block rewards and $25 million in daily demand.

Demand for ETFs might increase by $25 billion in the first year, according to Sean [Farrell]. The request for this is $100 million each day.

With only $25 million in supply each day, this would result in a $125 million daily demand. So that daily supply and daily demand are balanced, the suggested equilibrium price would have to increase. 

Before the April 2024 halving, equilibrium Analysis predicts a clearing price of $140,000 to $180,000.

This concept of higher equilibrium pricing is often consistent. Sean Farrell estimates the flow multiplier for Bitcoin to be 4X–5X.

Regarding the likelihood of a spot Bitcoin ETF being approved in the US after being repeatedly rejected in the past, Lee states:

The Bitcoin ETF may at last be approved. Sean Farrell thinks that the ‘BlackRock effect’ has made this far more likely in the present.

BlackRock, the most significant financial company in the world by assets under management, applied for a spot in Bitcoin ETF last month.

At the time of writing, the price of one bitcoin is $29,191.

Comments

Post a Comment

Popular posts from this blog

Bitcoin, Ethereum Technical Analysis: BTC Nears $17,000 Ahead of Christmas Day

Image
Bitcoin rose closer to the $17,000 level on Saturday, despite crypto markets mostly consolidating to start the week. The global cryptocurrency market cap is down 0.32% as of writing. Ethereum was also higher earlier in the day, with prices nearing the $1,230 level. Bitcoin Bitcoin (BTC) remained under the $17,000 level to start the weekend, as prices continued to consolidate despite earlier gains. BTC/USD hit a high of $16,905.22 earlier in today’s session, which comes a day after price was at a bottom, at the $16,793.53 mark. The move saw the world’s largest cryptocurrency continue to trade above a key point of support at $16,800. BTC/USD – Daily Chart As can be seen from the chart, earlier gains have somewhat eased, as the 14-day relative strength index (RSI) failed to break above a ceiling at 48.00. The index is currently trading at 46.72, with bulls still attempting to push past the aforementioned point of resistance. On the other hand, should price stre...
Read more

Bitcoin Leads $168 Million 'Smart-Money' Outflows

Image
According to a new report by CoinShares, the digital asset industry saw a whopping $168 million worth of out flows over the last week, with Bitcoin (BTC) leading the pack. This represented the highest out flows from the sector “since the US regulatory crackdown on exchanges in March 2023.” According to CoinShares, BTC was at the center of the out flows , with $149 million. Ethereum (ETH), on the other hand, saw out flows worth $16.8 million. On a month-to-date basis, Bitcoin saw out flows of $251.2 million, while Ethereum saw out flows of $29.8 million. The total out flows for the month of August now sit at $278 million. Meanwhile, XRP and Litecoin (LTC) saw minor in flows of $0.5 million and $0.44 million, respectively. Also Read: Argentina is Adopting Bitcoin Faster than El Salvador: Ark Invest However, the report noted that fund flows remain positive for BTC on a yearly basis, with $265 million. Source: CoinShares Additionally, CoinShares mentioned tha...
Read more

Kraken Persists With Plans to Launch Its Bank Despite Facing Regulatory Obstacles

Image
Join Our Telegram channel to stay up to date on breaking news coverage Kraken crypto exchange is still working on launching its bank, despite the challenging regulatory environment and the recent shutdown of its on-chain staking services for U.S customers The Securities and Exchange Commission (SEC) had accused Kraken of violating securities laws. Nonetheless, Kraken remains steadfast in its commitment to its plans. Kraken’s chief legal officer, Marco Santori, confirmed on The Scoop podcast with Frank Chaparro that the company is on track to launch its own bank. He also shared that Kraken plans to order thousands of pens with little ball chains and their logo to distribute to Wall Street banks. Despite obstacles, Kraken continues to move forward with its plans to establish its financial institution. #Kraken continues its plan to launch its own bank despite a difficult regulatory environment. "Kraken Bank is on track to launch very soon," said Marco Santori, Krak...
Read more