Co-creator of Fundstrat and Wall Street Strategist Tom Lee has actually exposed his expectations for bitcoin prior to the year goes 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 actually constantly kept a bullish position on cryptocurrencies. He had earlier stated that he expected the asset to hit $100,000 this year. Now, Lee seems doubling down on this forecast which he had actually made back in May.
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 informed 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 current ETF approvals that bitcoin had actually seen just 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.
Adoption is the name of the video game and the co-founder states that the Bitcoin Futures ETF will assist to drive more adoption for the digital possession. The inflows which will come from this adoption will translate into a higher value for the asset.
With the recently authorized Futures ETFs, Lee discusses that the fund will enable more people to designate a part of their financial 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 possession had actually taken a substantial beat-down in the market in September, a lot of still kept their forecasts that the possession will strike $100,000 prior to the year goes 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.
Not remarkably, Lee is not the only popular figure who has actually put the digital possession at this worth in Q4 of 2021. Various market analysts have put the asset at the same value by year-end. Skybridge Capital CEO Anthony Scaramucci has likewise stated the possession will strike this rate point, explaining that as adoption grows worldwide, so will the worth of BTC grow with it.
Not everyone has jumped on the bitcoin at $100,000 bandwagon though. Fidelity expert Jurrien Timmer informed CNBC that BTC might be far from striking $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 stated.
