HomeNewsQuadruple Your BTC? Market Analyst Foresees Stunning 400% Growth by 2024

Quadruple Your BTC? Market Analyst Foresees Stunning 400% Growth by 2024

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  • Renowned analyst Tom Lee predicts Bitcoin’s price might touch the $140,000-$180,000 range before the 2024 Bitcoin halving, fueled by the possible approval of a Bitcoin ETF.
  • Despite previous rejections, the likelihood of a Bitcoin ETF gaining approval is heightened due to the ‘BlackRock effect,’ where major investment firms have followed BlackRock’s lead in filing for a Bitcoin ETF application.

Crypto enthusiasts around the globe are holding their breath in anticipation as the potential approval of a Bitcoin Exchange-Traded Fund (ETF) is predicted to catapult Bitcoin’s price. Tom Lee, a leading authority and managing partner at Fundstrat Global Advisors, offers a daring prediction for the future of Bitcoin, projecting a value in the six-figure range before the 2024 halving event.

Tom Lee’s Prophetic BTC Forecast: Six Figures Looms on the Horizon

Expounding his theory in a recent research note, Lee explains that the green light on a Bitcoin ETF could incite an explosive rally. The likely fallout could push Bitcoin’s price into the impressive bracket of $140,000-$180,000 by April next year. Such an estimation hints at a whopping increase of 380% to 516% from the current levels.

Lee’s prediction isn’t just wild speculation. If an ETF is introduced, the daily demand for Bitcoin could spike up to $125 million, while the daily supply holds steady at $25 million. To accommodate the swelling daily demand, the equilibrium price would need to ascend, hence leading to the forecasted price range.

The crux of Lee’s prediction revolves around a compelling theory by Fundstrat’s head of crypto strategy, Sean Farrell. According to him, a Bitcoin ETF’s approval could inflate Bitcoin’s daily demand by four to five times. At the moment, Bitcoin’s market maintains equilibrium, with $25 million in daily block rewards equalling daily demand.

A Green Light for Bitcoin ETF: A Pipe Dream or Imminent Reality?

Further, Lee indicates a positive outlook towards a Bitcoin ETF finally gaining approval in the United States, despite the series of past refusals. The “BlackRock effect” could play a significant role in this shift. The world’s largest investment firm, BlackRock, applied for a spot in Bitcoin ETF, setting a trend followed by other major traditional finance players like Invesco, Valkyrie, and Fidelity Investments.

“Bitcoin ETF could finally get approved.”

Farrell suggests that the ‘BlackRock effect’ raises the likelihood of this eventuality.

Bitcoin currently sits at $29,191, and while its future may seem ambiguous, many supporters are optimistic that a Bitcoin ETF’s approval could trigger a domino effect of institutional adoption of the cryptocurrency. Such a move could enhance liquidity and stimulate broader market participation. While the ETF approval’s final decision is still under wraps, the positive signals from major equity funds imply they anticipate a favorable response from US regulators.

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AnnJoy Makena
AnnJoy Makenahttps://www.ethnews.com
Annjoy Makena is an accomplished and passionate writer who specializes in the fascinating world of cryptocurrencies. With a profound understanding of blockchain technology and its implications, she is dedicated to demystifying complex concepts and delivering valuable insights to her readers. Business Email: info@ethnews.com Phone: +49 160 92211628