Fundstrat's Tom Lee's Bitcoin target is $180,000 if SEC approves first spot BTC ETF in the US

Fundstrat's co-founder, Tom Lee, has revealed what seems like an overly ambitious prediction for Bitcoin (BTC) price compared to what other market players have forecasted for the flagship crypto. In an interview with CNBC, the strategist said that between the spot ETF and halving narratives, nothing could stop BTC from soaring.

Also Read: Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC grinds down despite surging open interest.

Fundstrat's Tom Lee Bitcoin target for 2024

Fundstrat's Tom Lee has forecasted a six-figure leap to $180,000 for Bitcoin (BTC) price, hinging on whether the US Securities and Exchange Commission (SEC) approves a spot Exchange Traded Fund (ETF) in the country.

In his opinion, the king of crypto could shatter past its $69,000 all-time high "if the spot BTC gets approved," citing the possibility of demand overarching the daily supply. With this, Lee holds that "the clearing price" would go beyond $150,000 to around $180,000.

As reported, the SEC is setting a new pattern of delays after its remission of Cathie Wood's Ark Invest decision and the latest on Grayscale's appeal to have its Bitcoin Trust (GBTC) converted to an ETF. The delays have put the US in the back seat, second to Europe, which recently launched a spot BTC ETF championed by Jacobi Asset Management as BCOIN on the exchange, Euronext Amsterdam.

Europe has expressed commitment against all odds, moving forward with the plan after navigating the turbulence of the crypto winter. In the US, however, the waiting list remains long, featuring industry giants like BlackRock and Fidelity, which await a September determination.

While Lee defends his argument strongly, industry experts like John Reed Stark seem to believe otherwise, expressing a strong doubt of spot BTC approval unless a Republican president takes office, and with him (or her), a partisan balance is achieved in the commission between Democrats and Republicans. More interesting, the former SEC enforcement lawyer believes Crypto Mom Hester Pierce ascending as interim lead commissioner would bode well for the cryptosphere.

Based on the current outlook, all paths point to a race between President Joe Biden and his predecessor, President Donald Trump, in the 2024 Elections. It may be too early to say, though, with multiple candidates in the race.

What if a spot BTC ETF is not approved? BTC fate, according to Tom Lee

The thought of a spot BTC approval not coming does not shake Lee's optimism or confidence in Bitcoin price's ability to rise. In his opinion, the oncoming halving event is reason enough for the people's crypto to skyrocket.

Also Read: Bitcoin halving could pump investors' bags, but a gloomy future awaits BTC miners

It should be noted that for the past three halvings cycles, Bitcoin price has indicated new record highs within 12 months, which does not take Lee's $180,000 target out of the shelf. On this matter, the Fundstrat executive highlights that BTC price could record a sharp surge, though not as far as hitting the ambitious six-figure mark.

Still, Lee observes other factors remain in play that continue to hold a bearing on Bitcoin price, including "easing macro conditions and Fed policy." In his opinion, these fundamentals set the scene for a bullish setup all around. In his words:

Crypto is dependent on monetary policy, so if inflation is cooling, then we can start to bet on forward financial conditions easing and central bank easing sooner…That's bullish for crypto or alternative assets.

At the time of writing, Bitcoin price has slumped down to $28,580 after breaking off from its recent tight-night move along an equilibrium level. Analysts attribute this move to a possible manipulation that could catch traders off guard with massive liquidations, considering the divergence between open interest and volatility.