Wall Street Strategist Puts Bitcoin As High As $168,000 By Year-End
20 Oktober 2021 - 1:00AM
NEWSBTC
Co-founder of Fundstrat and Wall Street Strategist Tom Lee has
revealed his expectations for bitcoin before the year runs out.
According to a Bloomberg report, Lee revealed that he had high
expectations for the digital asset, which he believes would hit the
$100,000 mark by the end of the year, and added that the asset
could go as high as $168,000 before the year runs out. Lee has
always maintained a bullish stance on cryptocurrencies. He had
earlier stated that he expected the asset to hit $100,000 this
year. Now, Lee looks to be doubling down on this prediction which
he had made back in May. Related Reading | Strike Launches New
Feature To Allow Users Convert Salaries To Bitcoin The asset’s
volatility has never worried the Wall Street strategist who
acknowledges the highly volatile nature of it. “I think bitcoin is
hyper-volatile,” Lee told TechCheck in May. “That’s the nature of
it, but that’s what creates the reward for people.” ETFs Are The
Driving Force Behind Prediction The co-founder also explained the
factors driving his price prediction for the digital asset. He
drives the point back to the recent ETF approvals that bitcoin had
seen recently. The first U.S. Bitcoin Futures ETF is scheduled to
begin trading this week and Lee believes that the ETF approvals are
the major reason behind the asset hitting the $100K price mark. BTC
price sits above $62,000 | Source: BTCUSD on TradingView.com
Adoption is the name of the game and the co-founder says that the
Bitcoin Futures ETF will help to drive more adoption for the
digital asset. The inflows which will come from this adoption will
translate into a higher value for the asset. With the newly
approved Futures ETFs, Lee explains that the fund will allow more
individuals to allocate a portion of their investment portfolios to
crypto, and “this will drive significant new inflows.” Getting
Bitcoin Over The $100,000 Mark Bitcoin at $100,000 is an
increasingly popular prediction amongst top market participants.
Although the asset had taken a significant beat-down in the market
in September, most still maintained their predictions that the
asset will hit $100,000 before the year runs out. The predictions
have been attributed to a number of factors but the forecasts have
always remained the same; the market will see BTC at $100K before
the next bull market. Related Reading | Number Of Bitcoin
Whales On The Rise As BTC Chases New All-Time High Not
surprisingly, Lee is not the only prominent figure who has put the
digital asset at this value in Q4 of 2021. Various market analysts
have put the asset at the same value by year-end. Skybridge Capital
CEO Anthony Scaramucci has also said the asset will hit this price
point, pointing out that as adoption grows worldwide, so will the
value of BTC grow with it. Not everyone has jumped on the bitcoin
at $100,000 bandwagon though. Fidelity analyst Jurrien Timmer told
CNBC that BTC could be far from hitting $100,000. The analyst
believes the price will eventually hit this point but puts it on a
much longer time frame. “I will note that the next (and last) time
my puppy-and-demand models intersect is at around $100K in 2023 or
2024,” Timmer said. Featured image from The Cryptonomist, chart
from TradingView.com
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