Crypto Analyst Predicts 119% Surge In Bitcoin, Citing Promise Of Spot ETF And Upcoming Halving: 'We've Got More Visible Demand'
Portfolio Pulse from Bibhu Pattnaik
Tom Lee of Fundstrat Global Advisors predicts a 119% surge in Bitcoin's value over the next 12 to 18 months, potentially exceeding $150,000. Key factors include demand from spot ETFs, the upcoming halving event, a dovish Federal Reserve, and easing regulatory pressures. Lee highlights a supply-demand imbalance, with significant inflows into spot Bitcoin ETFs like BlackRock's, which recently saw almost $800 million. Bitcoin is currently trading at $68,281.30, up nearly 10% in the last week.
March 09, 2024 | 4:11 pm
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Tom Lee predicts a 119% increase in Bitcoin's value, potentially exceeding $150,000, driven by spot ETF demand, the upcoming halving event, a dovish Federal Reserve, and easing regulatory pressures.
Lee's prediction is based on several bullish factors for Bitcoin, including increased demand from spot ETFs, the upcoming halving event reducing supply, a dovish stance from the Federal Reserve, and easing regulatory pressures. These factors are expected to create a supply-demand imbalance, favoring price increases. Given Lee's role and the specific factors cited, there is a high likelihood of a positive impact on Bitcoin's price in the short term.
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