Cryptocurrency expert names the conditions under which bitcoin will rise to $ 150,000

If the U.S. Securities and Exchange Commission (SEC) gives the green light to the Bitcoin ETF, the flagship crypto asset will be able to break the $ 150,000 mark and approach $ 180,000. This was stated by Tom Lee, co-founder of the analytical firm Fundstrat.

«Digital gold exchange-traded funds have proven themselves internationally, but the support of the United States will be a cornerstone for the local crypto industry,» the expert said and added: «When the spot bitcoin ETF is approved, I think the demand for it will exceed the daily supply of the asset itself.»

To date, the U.S. Securities and Exchange Commission has only rejected or postponed applications from companies to bring the first spot bitcoin ETF to market. Many players in the crypto industry simply do not believe that the SEC will change its mind. For example, John Reed Stark, former head of the SEC’s Enforcement Division, believes that the Biden administration will not be as loyal to the crypto sector.

If a spot bitcoin ETF is not approved, Lee noted, the flagship cryptocurrency will still retain its growth potential. The reason is the upcoming bitcoin halving. The event is scheduled for April 26 next year.

On August 17, the leading cryptocurrency dropped to $ 28,518. The total supply of coins on the market amounted to $ 554.9 billion, and traders made daily trading deals worth $ 16.4. According to CoinMarektCap, BTC’s market share was 49%.