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In an interview with CNBC on August 16, Fundstrat analyst Tom Lee stated that if the spot BTC ETF receives approval, the demand for Bitcoin will surpass its supply.
He mentioned that the firm’s cryptocurrency strategists forecast a clearing price between $150,000 and $180,000.
This optimistic forecast is set for before the conclusion of next year and is contingent upon the approval of a spot ETF in the United States, he emphasized.
No Six Figures Without ETF
When questioned about the potential outcomes if the ETF applications are denied, Lee remarked that the halving will still generate demand and price increases, “but it won’t be six figures.”
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It is important to highlight that Tom Lee is a strong proponent of Bitcoin who has made audacious predictions previously. In late December 2020, Lee anticipated that BTC would reach $120,000 in the following year.
In August 2021, he asserted that BTC prices would hit $100,000 by year-end. In reality, it peaked at $69,000 in November and subsequently entered a prolonged bear market.
In February 2022, the Fundstrat Managing Partner forecasted that the Bitcoin price could soar to $200,000. However, by the end of 2022, BTC had dropped to a bear market cycle low of $16,000.
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Now, just hours after he presented a $150,000 BTC price prediction, the asset has fallen to a two-month low.
BTC has decreased by 2% on the day, reaching an intraday and two-month low of $28,430 during the Thursday morning Asian trading session.
This decline followed the publication of the minutes from a Federal Reserve meeting, which indicated that while a recession was not anticipated, officials still recognized the necessity for higher rates.
Bitcoin Bears Lurking
Despite Bitcoin continuing to trade sideways on longer-term charts, bearish sentiment is beginning to emerge.
Analysts have noted that BTC appears quite weak and a “savage breakdown” could be on the horizon.
Meanwhile, Willy Woo remarked that it was “crunch time for BTC,” adding:
“Macro headwinds from US dollar strength. Meanwhile there’s increasing demand on futures market (pro traders) and on-chain fundamentals picking up. Either way, up or down, we are now setting up for a strong move. Volatility squeeze incoming.”
The decline is the most significant since July 24 but is relatively minor when viewed from a multi-month perspective.
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