Will Bitcoin Really Hit $150K in 2024?

Let’s forget about the Bitcoin (BTC) halving event for now and think about what could be other factors to push its price to unprecedented levels.

The father of all cryptocurrencies could storm past a whopping $150,000 mark next year because of Bitcoin’s halving event and another factor.

BTC Seen Hitting $150k in 2024

The price of BTC tokens could soar past a whopping $150,000 in 2024, according to investment research boutique Fundstrat.

The firm’s managing partner and head of research, Tom Lee, believes that a bundle of successful Bitcoin spot ETF applications would shift Bitcoin’s supply-demand dynamics towards considerable price appreciation.

“If the spot Bitcoin (ETF) gets approved, I think the demand will be greater than the daily supply of Bitcoin, so the clearing price […] is over $150,000, it could even be like $180,000,” Lee said in an interview on CNBC’s Squawk Box.

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Bitcoin ETF Already Available in Europe

Lee clarified that this could only happen if the ETF is approved in the United States, as there are already spot Bitcoin ETFs in Europe.

The United States currently makes up 97.7% of the global trading volume for crypto-related ETFs, so approval of a US-based ETF would be a major catalyst for the price of Bitcoin.

What If BTC ETF Application Gets Rejected?

Even if the spot ETF applications are rejected, Lee still predicts a considerable price push to come from Bitcoin’s next halving event, expected to take place in April 2024.

The halving event is a pre-programmed event that occurs every four years when the reward for mining a new block of Bitcoin is cut in half. This reduces the supply of Bitcoin in circulation, which can lead to higher prices.

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Big Banks Bet on Bitcoin ETFs, but SEC Decision Could Take Months

Wall Street heavyweights are betting big on BTC ETFs, but they may have to wait until 2024 to find out if their applications are approved.

Fidelity, Invesco, Wisdom Tree, and Valkyrie have all filed for Bitcoin spot ETFs with the Securities and Exchange Commission (SEC). However, the SEC has up to 240 days to make a decision on each application, meaning that some of these firms may not hear back until next year.

The outcome of Grayscale’s appeal to convert its GBTC trust product into a Bitcoin spot ETF is expected to come sooner rather than later. However, even if the SEC approves all of these applications, it is not clear how much of a boost they will give to the price of Bitcoin.

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Some analysts believe that BTC could reach $100,000 in the near future. Blockstream CEO Adam Back recently wagered that Bitcoin will reach this milestone the month before the next halving event, which is expected to take place in April 2024.

However, other analysts are more cautious. They argue that the SEC is unlikely to approve Bitcoin ETFs until it has more clarity on the regulation of cryptocurrencies.

Only time will tell what the future holds for BTC ETFs. But one thing is for sure: the demand for these products is growing, and the SEC’s decision will have a major impact on the price of Bitcoin.

Not Everyone Sounds Bullish on BTC Surge

Not everyone is convinced that Bitcoin will reach $150,000 in 2024. Jesse Myer, the co-founder of BTC investment firm Onramp, explained that the market would only price in the changed reality 12-18 months post-halving.

“BTC won’t surge to $100k before the next halving,” he said.

Only time will tell if Lee’s prediction is correct. But one thing is for sure: the price of Bitcoin is sure to be a hot topic of conversation this year leading to 2024.