Tom Lee, the Fundstrat co-founder, and Wall Street strategist has his own price predictions over Bitcoin. He raised the bar high for BTC, saying that it might even go as high as $168,000 before the year ends, as reported by Bloomberg.
This is not the first time that Lee shared his thoughts on price prediction, and as always, they were again quite high. Earlier this year he predicted that the digital asset would hit $100,000, whereas now he comes back with an even bigger number.
He does not deny the volatile nature of Bitcoin, on the contrary, he believes that it is exactly this element that makes it rewarding for the investors.
Lee did not raise the number prediction without a reason, instead, that is based on the recent ETF approval by SEC. The first US-based Bitcoin Futures ETF has already seen massive success on its first day. As a result, Lee is positive that ETF approvals will play a significant role in BTC prices going higher and higher.
ETFs will bring more crypto adoption that will translate into new inflows, something that will undoubtedly change the entire crypto industry, adds the Bitcoin strategist.
High Hopes for the Future of BTC
Tom Lee is not alone in these bullish predictions, as many others involved in the crypto market are expecting similar numbers.
Bitcoin prices witnessed a downfall during September, yet the crypto giant quickly got back on its feet and the market is still to see BTC at $100K.
Anthony Scaramucci, the Skybridge Capital CEO, also believes that the price will increase to this value, mentioning the same reason, that of BTC adoption.
However, as per usual, there are also skeptics around. Jurrien Timmer, the fidelity analyst, says that Bitcoin is not even close to hitting $100,000. He does not completely deny the reality of this happening, yet there is still more time needed.
Also Read: ProShares Bitcoin Futures ETF Mark Massive Success on the First Day