Financial research firm Fundstrat’s head of research has predicted that the price of bitcoin is headed for $150K and could hit $500K in five years. Emphasizing the cryptocurrency’s finite supply and “a potentially huge increase in demand with a spot bitcoin approval,” the analyst stressed that it is “definitely achievable” that bitcoin could reach half a million dollars in five years.
Bitcoin Expected to Hit $150K Short-Term, $500K Possible Long-Term
The head of research at Fundstrat, an independent financial research boutique, Tom Lee, shared his view on the bitcoin price outlook in an interview with CNBC on Wednesday.
Replying to a question about what the price of bitcoin will be in one year and five years, he said:
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I think in the next 12 months, something over $100,000 … maybe over $150,000.
Lee expressed the significance of the U.S. Securities and Exchange Commission (SEC)’s approval of 11 spot bitcoin exchange-traded funds (ETFs) on Wednesday. The funds started trading on Thursday. The Fundstrat head of research detailed:
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In the next five years, there’s a finite supply, but now we have a potentially huge increase in demand with a spot bitcoin approval so I think in five years something around half a million is definitely achievable.
In August last year, Sean Farrell, who leads digital asset strategy at Fundstrat, predicted a significant price increase for bitcoin following the launch of a spot ETF. He reasoned that the daily demand for bitcoin “will reach $125 million, while daily supply is only $25 million,” emphasizing: “The implicit equilibrium price would need to increase so that daily supply matches daily demand. Equilibrium analysis suggests a clearing price of $140,000 to $180,000 before the halving in April 2024.”
On Wednesday, Rich Dad Poor Dad author Robert Kiyosaki joined the chorus of bullish BTC predictions, echoing Lee’s forecast of a $150,000 bitcoin price tag. Meanwhile, Standard Chartered projected a possible $200,000 BTC price by 2025, fueled by the recent approval of spot bitcoin ETFs. Meanwhile, Ark Invest CEO Cathie Wood expects spot bitcoin ETFs to attract significant institutional investment, further propelling BTC “much higher.”
Source: https://news.bitcoin.com/fundstrat-says-bitcoin-is-headed-for-150k-predicts-btc-could-hit-500k-in-5-years/