• Why Fundstrat’s Tom Lee Expects Bitcoin to Reach $168,000 in Two Months

  • Tom Lee, co-founder of Fundstrat, revealed that according to the firm’s analysis, the leading cryptocurrency could reach $168,000 by the end of the year.

    In a recent report, he predicted that Bitcoin would continue to rise even after the launch of several Bitcoin exchange-traded funds in the United States.

    Tom Lee, like other analysts, is still bullish on Bitcoin.

    The Wall Street strategist has long been bullish on Bitcoin, predicting that the price would reach $100,000 before the end of the year. He is reiterating his position and even raising his expectations for Bitcoin.

    The major bullish driver, according to the report, will be the Bitcoin futures ETFs that are now trading in the United States. Fundstrat anticipates that the ProShares Bitcoin Strategy ETF and a slew of others that have begun trading on regulated exchanges will see record inflows in their first year of operation. This is due to the fact that the investment vehicle has long been in high demand, and it will allow more investors to gain exposure to bitcoin through their brokerage and retirement accounts. With increased investor demand, the price of Bitcoin will only reach equilibrium by rising due to strong network effects.

    Skybridge Capital CEO Anthony Scaramucci has predicted a similar price target for Bitcoin, pointing out that as adoption grows globally, the price of Bitcoin will invariably rise with it.

    Bitcoin ETFs have performed well, but some analysts remain skeptical of the cryptocurrency.

    After years of rejecting cryptocurrency ETFs, the SEC has been on a roll with the investment vehicles’ approvals. ProShares Bitcoin Strategy ETF (BITO) debuted last week to much fanfare and activity. In just two days, the ETF surpassed $1 billion in assets under management and had daily trading volumes that exceeded $1 billion. Valkyrie Bitcoin Strategy ETF (BTF), the second to launch, received far less attention.

    Despite their performance, questions have been raised about their market importance. The ETFs’ structure, in which they are not backed by physical Bitcoins but rather by futures contracts that track Bitcoin, has been criticized as unsuitable for the market by notable figures such as Mark Cuban, the billionaire owner of the Dallas Mavericks, and billionaire Paul Tudor Jones. These figures would prefer a Bitcoin ETF that tracks Bitcoin’s spot price.

    However, Bitcoin seems poised to continue its impressive run. The benchmark cryptocurrency set a new all-time high of $66,930 on October 20. It is currently trading at around $61,000, down 1.68% in the last 24 hours and up 45.8% this month.

    However, Bitcoin appears to be on track to continue its impressive run. On October 20, the benchmark cryptocurrency reached a new all-time high of $66,930. It is currently worth around $61,000, down 1.68 percent in the last 24 hours but up 45.8 percent this month.

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