Expert Believes One Catalyst Could Trigger Bitcoin To Explode By More Than 450%

Fundstrat Global Advisors managing partner Tom Lee says that a single catalyst might propel Bitcoin (CRYPTO: BTC) to reach a price in the six-figure range.

What Happened: In an interview with CNBC this week, Lee said the cryptocurrency could skyrocket when the spot Bitcoin exchange-traded fund (ETF) is approved by the U.S. Securities and Exchange Commission (SEC).

“If the spot Bitcoin gets approved, I think the demand will be greater than the daily supply of Bitcoin. And so the clearing price, this is done by Sean Farrell, who’s our crypto digital strategist, is over $150,000. It could even be like $180,000. A spot U.S. because a spot Bitcoin ETF is approved outside the U.S.,” he said.

Also Read: Analyst Who Predicted May 2021 Crypto Crash Now Says Bitcoin Set To Surge To This Price By 2024

Regarding BTC’s likely price action if a spot BTC ETF fails to win approval, Lee said, “There’s still upside because of the halving next year. So you’ll have a drop in supply again, so the clearing price has to increase. But it won’t be six figures.”

“Crypto is dependent on monetary policy. So if inflation is cooling, then we can start to bet on forward financial conditions easing and the central bank easing sooner. That’s bullish for crypto, alternative assets,” he added.

At the time of writing, Bitcoin was trading at $25,955.20, down by 12 percent in the last seven days. It would need to appreciate almost between 467% and 580% to reach Lee’s forecast.

Now Read: Crypto Analyst Confident About Bitcoin's Surge, But There's A Catch

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