Wall Street Strategist Puts Bitcoin As High As $168,000 By Year-End

Co-founder of Fundstrat and Wall Street Strategist Tom Lee has revealed his expectations for bitcoin earlier than the yr runs out. According to a Bloomberg report, Lee revealed that he had excessive expectations for the digital asset, which he believes would hit the $100,000 mark by the top of the yr, and added that the asset might go as excessive as $168,000 earlier than the yr runs out.

Lee has all the time maintained a bullish stance on cryptocurrencies. He had earlier said that he anticipated the asset to hit $100,000 this yr. Now, Lee seems to be doubling down on this prediction which he had made again in May.

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The asset’s volatility has by no means nervous the Wall Street strategist who acknowledges the extremely risky nature of it. “I think bitcoin is hyper-volatile,” Lee instructed 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 additionally defined the components driving his worth prediction for the digital asset. He drives the purpose again to the current ETF approvals that bitcoin had seen just lately. The first U.S. Bitcoin Futures ETF is scheduled to start buying and selling this week and Lee believes that the ETF approvals are the main purpose behind the asset hitting the $100Okay worth mark.

BTC worth sits above $62,000 | Source: BTCUSD on TradingView.com

Adoption is the secret and the co-founder says that the Bitcoin Futures ETF will assist to drive extra adoption for the digital asset. The inflows which can come from this adoption will translate into the next worth for the asset.

With the newly authorized Futures ETFs, Lee explains that the fund will enable extra people to allocate a portion of their funding portfolios to crypto, and “this will drive significant new inflows.”

Getting Bitcoin Over The $100,000 Mark

Bitcoin at $100,000 is an more and more widespread prediction amongst high market contributors. Although the asset had taken a big beat-down available in the market in September, most nonetheless maintained their predictions that the asset will hit $100,000 earlier than the yr runs out. The predictions have been attributed to a lot of components however the forecasts have all the time remained the identical; the market will see BTC at $100Okay earlier than the following bull market.

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Not surprisingly, Lee shouldn’t be the one distinguished determine who has put the digital asset at this worth in This autumn of 2021. Various market analysts have put the asset on the similar worth by year-end. Skybridge Capital CEO Anthony Scaramucci has additionally said the asset will hit this worth level, declaring that as adoption grows worldwide, so will the worth of BTC develop with it.

Not everybody has jumped on the bitcoin at $100,000 bandwagon although. Fidelity analyst Jurrien Timmer told CNBC that BTC may very well be removed from hitting $100,000. The analyst believes the value will finally hit this level however places it on a for much longer timeframe. “I will note that the next (and last) time my puppy-and-demand models intersect is at around $100K in 2023 or 2024,” Timmer mentioned.

Featured picture from The Cryptonomist, chart from TradingView.com

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