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Co-founder of Fundstrat and Wall Avenue Strategist Tom Lee has revealed his expectations for bitcoin earlier than the 12 months runs out. In response 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 12 months, and added that the asset might go as excessive as $168,000 earlier than the 12 months runs out.
Lee has at all times maintained a bullish stance on cryptocurrencies. He had earlier acknowledged that he anticipated the asset to hit $100,000 this 12 months. Now, Lee seems to be to be doubling down on this prediction which he had made again in Could.
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The asset’s volatility has by no means fearful the Wall Avenue strategist who acknowledges the extremely unstable nature of it. “I feel bitcoin is hyper-volatile,” Lee informed TechCheck in Could. “That’s the character of it, however that’s what creates the reward for folks.”
ETFs Are The Driving Pressure 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 primary U.S. Bitcoin Futures ETF is scheduled to start buying and selling this week and Lee believes that the ETF approvals are the main cause behind the asset hitting the $100K worth mark.
BTC worth sits above $62,000 | Supply: 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 authorised Futures ETFs, Lee explains that the fund will permit extra people to allocate a portion of their funding portfolios to crypto, and “this can drive important new inflows.”
Getting Bitcoin Over The $100,000 Mark
Bitcoin at $100,000 is an more and more in style prediction amongst prime market members. Though 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 12 months runs out. The predictions have been attributed to a lot of components however the forecasts have at all times remained the identical; the market will see BTC at $100K earlier than the following bull market.
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Not surprisingly, Lee just isn’t the one outstanding determine who has put the digital asset at this worth in This fall of 2021. Numerous market analysts have put the asset on the identical worth by year-end. Skybridge Capital CEO Anthony Scaramucci has additionally stated the asset will hit this worth level, stating 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. Constancy analyst Jurrien Timmer informed 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 time-frame. “I’ll observe that the following (and final) time my puppy-and-demand fashions intersect is at round $100K in 2023 or 2024,” Timmer stated.
Featured picture from The Cryptonomist, chart from TradingView.com
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