The spot Bitcoin ETF application frenzy started by BlackRock continued with the applications of giant financial companies such as Fidelity.
While these applications rally Bitcoin and altcoins, they make various predictions about what levels BTC can rise if they are approved.
Speaking to CNBC, American investor and Fundstrat analyst Tom Lee said that if the SEC's spot Bitcoin ETF application is approved as expected, the BTC price will rise above $ 150,000.
Stating that if the Spot Bitcoin ETF is not approved, it can still rise thanks to the halving, which is expected to take place in the first half of 2024, Tom Lee thinks that the halving alone cannot raise the BTC price above $ 100,000.
“If the Spot Bitcoin ETF is approved, the demand will outweigh the supply of Bitcoin, so I think the BTC price could be above $150,000 or even $180,000.
However, if the spot Bitcoin ETF is not approved, the BTC price may still rise thanks to the halving, which is expected to take place in the first half of 2024.”
Apart from Tom Lee, Bitcoin analysis came from Fairlead Strategies analysts. Stating that the BTC/ETH chart has been hovering near a trendline resistance since June, which indicates a significant correction phase, analysts said:
“A break above the trendline on the BTC/ETH chart indicates that the long-term uptrend is continuing in Bitcoin's favor.”
*Not investment advice.