The conditions under which bitcoin will reach $ 185,000 have been named

In a recent interview with CNBC, cryptocurrency analyst Tom Lee, who regularly comments on bitcoin prices, predicted what will lead to the growth of the flagship digital asset. The expert is convinced that the adoption of a bitcoin ETF will lead to an increase to $ 185,000 and higher.

If the financial instrument appears on the market, the managing partner of Fundstrat is sure that bitcoin will be able to grow to this level by the end of 2024. According to Tom Lee, the package of approved spot bitcoin ETFs in the United States will change the dynamics of supply and demand for cryptocurrencies, which will help BTC demonstrate significant growth.

The analyst also predicted the value of bitcoin in case the financial instrument is not approved. According to him, BTC will still grow due to the halving that will take place in the spring of 2024. According to Lee, halving the bitcoin mining rate will support the growth of the cryptocurrency by reducing the supply. At the same time, the analyst is confident that BTC halving in 2024 will be able to make the coin’s rate six figures.

Market participants have different opinions on the prospects for the approval of a bitcoin ETF. For example, Bloomberg analysts believe that the chances of launching a spot bitcoin ETF in the United States have reached 65%. Former SEC representative John Reed Stark, on the other hand, does not believe in the possibility of approving the instrument.

Galaxy Digital CEO Mike Novogratz joined the optimists. The businessman claims that he has insider information that a spot bitcoin ETF in the US will be approved by February 2024.