{"id":148786,"date":"2023-08-17T19:01:02","date_gmt":"2023-08-17T19:01:02","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=148786"},"modified":"2023-09-04T07:17:53","modified_gmt":"2023-09-04T07:17:53","slug":"market-research-firm-fundstrat-predicts-bitcoin-btc-to-hit-150k-by-end-of-2024","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/market-research-firm-fundstrat-predicts-bitcoin-btc-to-hit-150k-by-end-of-2024\/","title":{"rendered":"Market Research Firm Fundstrat Predicts Bitcoin (BTC) to Hit $150K by end of 2024"},"content":{"rendered":"\n<p>In an August 16 interview, market strategy and research firm, <strong>Fundstrat, claimed the price of <a href=\"https:\/\/crypto-economy.com\/what-is-bitcoin\/\" target=\"_blank\" rel=\"noreferrer noopener\">Bitcoin (BTC)<\/a> will zoom past a mind numbing $150,000 by the end of 2024 if the string of spot Bitcoin exchnage traded funds (ETF) get approved in the coming days.<\/strong><\/p>\n\n\n\n<!--more-->\n\n\n\n<p>Speaking at CNBC\u2019s Squawk Box, Fundstrat\u2019s managing partner and head of research, Tom Lee said the demand for Bitcoin (BTC) will be greater than the supply, triggering a considerable price appreciation if only the extensive list of United States spot-Bitcoin ETFs are approved.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe title=\"Inflation is on a glide path towards sub-2% by the middle of next year, says Fundstrat&#039;s Tom Lee\" width=\"1200\" height=\"675\" src=\"https:\/\/www.youtube.com\/embed\/ir8jYyrBY5s?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Bitcoin to the Moon!<\/h2>\n\n\n\n<p>When asked what the price of Bitcoin could be by the end of next year, <strong>Lee noted the firm\u2019s crypto strategists predicted a clearing price of $150,000 to $180,000.<\/strong> Fundstrat reiterated,<\/p>\n\n\n\n<p><em>&#8220;If the spot Bitcoin (ETF) gets approved, I think the demand will be greater than the daily supply of Bitcoin, so the clearing price [&#8230;] is over $150,000, it could even be like $180,000.&#8221;<\/em><\/p>\n\n\n\n<p>Furthermore, the Fundstrat exec suggested even if the spot ETF applications are rejected, Bitcoin\u2019s next halving event, expected to&nbsp;take place in April 2024 will push BTC prices significantly. Lee declared the halving event would still create demand and price gains, <strong><em>\u201cbut it won\u2019t be six figures.\u201d<\/em><\/strong><\/p>\n\n\n\n<p><strong>This is not the first time Lee&nbsp;has made such bold predictions regarding the largest digital asset. <\/strong>In August 2021, he&nbsp;<a href=\"https:\/\/www.cnbc.com\/2021\/08\/09\/fundstrats-tom-lee-expects-an-everything-rally-when-delta-wave-peaks.html?fbclid=IwAR0bjfoV5OLxC1FhYlDRdjKNKAFWXuyT-1LDfIx0W_AdsQ4xvrpRMHvzocg\" target=\"_blank\" rel=\"noreferrer noopener\">said<\/a> that BTC prices would reach $100,000 by the end of the year. Although initially, it peaked at $69,000 in November but declined into a multi-year bear market after that.<\/p>\n\n\n\n<p>Additionally, in February 2022, <strong>he <a href=\"https:\/\/www.cnbc.com\/video\/2022\/02\/14\/crypto-bull-tom-lee-lays-out-risks-to-200000-bitcoin-price-target.html\" target=\"_blank\" rel=\"noreferrer noopener\">predicted<\/a> that the Bitcoin price could surge to $200,000<\/strong>. However, by the end of 2022, BTC had slumped to a low of $16,000 following a turbulent year in the digital asset market.<\/p>\n\n\n\n<p>Earlier this year, Fundstrat published a note, highlighting that while Bitcoin&#8217;s daily demand of about $25 million is equivalent to daily mining rewards of about $25 million, <strong>that could change with the potential launch of a Bitcoin ETF.&nbsp;<\/strong><\/p>\n\n\n\n<p>The investment research firm claimed an approved Bitcoin ETF could add an extra $100 million in incremental daily demand for BTC. Fundstrat <a href=\"https:\/\/www.binance.com\/en\/feed\/post\/851722\" target=\"_blank\" rel=\"noreferrer noopener\">wrote<\/a>,<\/p>\n\n\n\n<p><em>&#8220;This [bitcoin ETF launch] would bring daily demand to $125 million, while daily supply is only $25 million. The implied equilibrium price would need to rise so daily supply matches daily demand. Equilibrium analysis suggests that a clearing price is $140,000 to $180,000, before the April 2024 halvening.&#8221;<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Global Organizations Bet Big on BTC, Just Like Fundstrat<\/h2>\n\n\n\n<p><strong>It seems Fundstrat is not the only firm to bet big on BTC prices. In June 2023, analysts at Standard Chartered <a href=\"https:\/\/www.reuters.com\/technology\/standard-chartered-bumps-up-bitcoin-forecast-120000-2023-07-10\/\" target=\"_blank\" rel=\"noreferrer noopener\">claimed<\/a> the OG cryptocurrency could reach $50,000 this year and $120,000 by the end of 2024.<\/strong> Geoff Kendrick, one of the analysts at Statdard Chartered, said BTC price will almost quadruple as increasingly cash-rich miners reduce their sales of the token. He added,<\/p>\n\n\n\n<p><em>&#8220;Increased miner profitability per BTC mined means they can sell less while maintaining cash inflows, reducing net BTC supply and pushing BTC prices higher.&#8221;<\/em><\/p>\n\n\n\n<p><strong>While other analysts have suggested that a $100,000 Bitcoin price could come much sooner than expected<\/strong>. Recently, Blockstream CEO&nbsp;Adam Back asserted that Bitcoin (BTC) will notch the new price milestone the month before the halving event.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">The longer the SEC delays the ETF, the more time Psychopath Plebs have to accumulate, which will pump the <a href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">#bitcoin<\/a> price even harder when the ETF is approved.<\/p>&mdash; Bitcoin for Freedom (@BTC_for_Freedom) <a href=\"https:\/\/twitter.com\/BTC_for_Freedom\/status\/1691501832411947014?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">August 15, 2023<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>It also seems Bitcoin prices may pump more as the United States Securities and Exchange Commission (SEC) keeps delaying decisions on Bitcoin ETF bids. On August 15, popular Bitcoin-focused X account <em>&#8220;BTC_for_Freedom&#8221;&nbsp;<\/em>suggested the longer these delays take, the greater chance the community has to accumulate BTC for long-term holding.<\/p>\n\n\n\n<p><strong>This means that with demand for BTC rising, by the time the SEC starts approving Bitcoin ETFs, the price of the flagship cryptocurrency may shoot up even higher.&nbsp;<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Bitcoin Drops to 8 Week Low<\/h2>\n\n\n\n<p><strong>Keeping the bold predictions aside, Bitcoin slid below the $29K mark, lending a gloomy outlook to the overall market on Thursday.<\/strong> According to CoinMarketCap, BTC dropped 1.91% in the last 24 hours to currently trade at $28,598. Meanwhile, the flagship token is down more than 3% in the past seven days.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">looking like <a href=\"https:\/\/twitter.com\/hashtag\/btc?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">#btc<\/a> is about to lose this channel we formed over the last 2 weeks, all bounces from the highs have been super shallow with none even reaching any 0.618 fib levels.<br><br>btc looking super weak to me with alts looking even worse and i cant help but feel a savage breakdown\u2026 <a href=\"https:\/\/t.co\/WYPwgQGSGU\" target=\"_blank\">pic.twitter.com\/WYPwgQGSGU<\/a><\/p>&mdash; Bluntz (@Bluntz_Capital) <a href=\"https:\/\/twitter.com\/Bluntz_Capital\/status\/1691938883179823311?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">August 16, 2023<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>Owing to the current market situation, one anayst said that <strong>BTC looked very weak and a <em>\u201csavage breakdown\u201d<\/em> could be imminent.<\/strong> On August 15, Jesse Myer, the co-founder of Bitcoin investment firm Onramp explained that the market would only price in the changed reality&nbsp;12-18 months post-halving, adding<\/p>\n\n\n\n<p><em>\u201cBitcoin won\u2019t surge to $100k before the next halving.&#8221;<\/em><\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">#Bitcoin<\/a> won&#39;t surge to $100k before the next halving&#8230;<br><br>Because the Efficient Market Hypothesis (EMH) is wrong.<br><br>Instead, the market will price-in the changed reality over the 12-18 months post-halving.<\/p>&mdash; Jesse Myers (Croesus \ud83d\udd34) (@Croesus_BTC) <a href=\"https:\/\/twitter.com\/Croesus_BTC\/status\/1691199857372073984?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">August 14, 2023<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In an August 16 interview, market strategy and research firm, Fundstrat, claimed the price of Bitcoin (BTC) will zoom past a mind numbing $150,000 by the end of 2024 if the string of spot Bitcoin exchnage traded funds (ETF) get approved in the coming days.<\/p>\n","protected":false},"author":21,"featured_media":148794,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[100,70,74],"tags":[4602],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/148786"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/21"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=148786"}],"version-history":[{"count":0,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/148786\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/148794"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=148786"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=148786"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=148786"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}