Co-founder of Fundstrat and Wall Road Strategist Tom Lee has revealed his expectations for bitcoin earlier than the 12 months runs out. In accordance with a Bloomberg report, Lee revealed that he had excessive expectations for the digital asset, which he believes would hit the $100,000 mark by the top of the 12 months, and added that the asset may go as excessive as $168,000 earlier than the 12 months runs out.
Lee has at all times maintained a bullish stance on cryptocurrencies. He had earlier said that he anticipated the asset to hit $100,000 this 12 months. Now, Lee appears to be like to be doubling down on this prediction which he had made again in Might.
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The asset’s volatility has by no means nervous the Wall Road strategist who acknowledges the extremely unstable nature of it. “I believe bitcoin is hyper-volatile,” Lee advised TechCheck in Might. “That’s the character of it, however that’s what creates the reward for folks.”
ETFs Are The Driving Drive Behind Prediction
The co-founder additionally defined the elements driving his value prediction for the digital asset. He drives the purpose again to the latest ETF approvals that bitcoin had seen lately. The primary U.S. Bitcoin Futures ETF is scheduled to start buying and selling this week and Lee believes that the ETF approvals are the most important cause behind the asset hitting the $100K value mark.
BTC value sits above $62,000 | Supply: BTCUSD on TradingView.com
Adoption is the secret and the co-founder says that the Bitcoin Futures ETF will assist to drive extra adoption for the digital asset. The inflows which is able to come from this adoption will translate into the next worth for the asset.
With the newly accredited Futures ETFs, Lee explains that the fund will enable extra people to allocate a portion of their funding portfolios to crypto, and “this may drive vital new inflows.”
Getting Bitcoin Over The $100,000 Mark
Bitcoin at $100,000 is an more and more common prediction amongst high market contributors. Though the asset had taken a major beat-down available in the market in September, most nonetheless maintained their predictions that the asset will hit $100,000 earlier than the 12 months runs out. The predictions have been attributed to various elements however the forecasts have at all times remained the identical; the market will see BTC at $100K earlier than the following bull market.
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Not surprisingly, Lee isn’t the one distinguished determine who has put the digital asset at this worth in This autumn of 2021. Varied market analysts have put the asset on the similar worth by year-end. Skybridge Capital CEO Anthony Scaramucci has additionally stated the asset will hit this value level, stating that as adoption grows worldwide, so will the worth of BTC develop with it.
Not everybody has jumped on the bitcoin at $100,000 bandwagon although. Constancy analyst Jurrien Timmer advised CNBC that BTC might be removed from hitting $100,000. The analyst believes the worth will finally hit this level however places it on a for much longer timeframe. “I’ll observe that the following (and final) time my puppy-and-demand fashions intersect is at round $100K in 2023 or 2024,” Timmer stated.
Featured picture from The Cryptonomist, chart from TradingView.com
