The eyes of the cryptocurrency market are on the spot Bitcoin ETF decision to be made by the SEC. Some analysts are making price predictions beyond 3X for possible post-approval. One of them is Tom Lee, the founder of Fundstrat. However, it is important when BTC will reach this price target. The master analyst explains his expectations for this time. Meanwhile, CryptoQuant’s data shows that 90 percent of BTC holders are in profit.
Tom Lee’s Bitcoin price prediction
Tom Lee, co-founder of Fundstrat, made bold predictions about the price of Bitcoin. Lee believes the leading cryptocurrency will reach $150,000 in the next 12 months. The analyst attributes this potential increase in Bitcoin price to an increase in demand, especially if the SEC approves a spot Bitcoin ETF. Lee also spreads his projection over a five-year period. In this context, he notes that reaching nearly half a million dollars is “definitely possible.”
There are many current fundamentals that support Tom Lee’s optimistic prediction on the direction of BTC prices. First of all, he sees the increasing participation of institutional investors in the Bitcoin market as a positive development. Because institutional adoption increases legitimacy and attracts large-scale investments. Thus, it increases the demand for crypto money and raises the price.
Many famous names make astronomical predictions
Former politician Anthony Scaramucci, a famous figure, predicts that the value of Bitcoin will reach $ 330,000, citing the influx of large investments. Analyst Samson Mow expresses a higher estimate. The analyst predicts a price of $1 million due to limited BTC availability and large institutional investments. Meanwhile, cryptokoin.comAs you follow from , Bitcoin has a halving event in April. Experts argue that this event will increase the scarcity of BTC and increase its price. They attribute this to the supply and demand balance that creates the market price.
CryptoQuant: 90% profit for BTC holders
We are witnessing a market frenzy as hopes for a spot Bitcoin ETF approval grow in the US. During this period, Bitcoin (BTC) at one point exceeded the $ 47,000 level. Thus, it marked an important milestone in the turbulent journey of cryptocurrency. According to CryptoQuant’s data, an overwhelming 90% of the BTC supply is currently in profit. This rate was just under 50% at the beginning of the previous year. Therefore, this indicates a surprising increase.
The leading cryptocurrency has experienced a significant rise of 160% in 2023. It has also seen a 50% increase in value in the last six months. Bitcoin’s strong rise has been driven mainly by rising expectations for ETF approval by the SEC.
The price increase has pushed many long-term investors, affectionately referred to as ‘HODLers’ within the crypto community, into profitable territory. El Salvador also made a profit of $13 million from Bitcoin investments due to this rally. Despite the jubilant atmosphere surrounding Bitcoin’s financial windfall, analysts at CryptoQuant caution in a recent report that caution is warranted. While the increase in unrealized profits among BTC holders is indicative of the current bullish sentiment, it also raises the specter of a potentially sharp and significant price decline.
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