{"id":547572,"date":"2023-08-16T21:00:33","date_gmt":"2023-08-16T21:00:33","guid":{"rendered":"https:\/\/uniquehot.com\/?p=547572"},"modified":"2024-06-11T08:16:46","modified_gmt":"2024-06-11T08:16:46","slug":"sec-approval-could-propel-bitcoin-to-new-heights-analyst-forecasts-150000-clearing-price","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/sec-approval-could-propel-bitcoin-to-new-heights-analyst-forecasts-150000-clearing-price\/","title":{"rendered":"SEC Approval Could Propel Bitcoin To New Heights: Analyst Forecasts $150,000 Clearing Price"},"content":{"rendered":"<p><span style=\"font-weight: 400\">In a recent <\/span><a href=\"https:\/\/twitter.com\/BitcoinNews2905\/status\/89072862?s=20\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">interview<\/span><\/a><span style=\"font-weight: 400\">, Tom Lee, CNBC\u2019s head of research, shared his insights on the potential impact of a Spot Bitcoin exchange-traded fund (ETF) approval by the Securities and Exchange Commission (SEC) on the price of the largest cryptocurrency in the market.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Lee expressed optimism that introducing a Bitcoin ETF could propel the digital asset to price levels of $150,000 or even $180,000, representing a significant surge from current levels.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Optimistic View On BTC<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Lee&#8217;s bullish stance on the potential for a Bitcoin ETF to drive price appreciation reflects the growing anticipation within the cryptocurrency community, as an ETF would provide traditional investors with a regulated and easily accessible vehicle for gaining exposure to Bitcoin, potentially attracting substantial capital inflows into the market.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">According to Lee, if the SEC were to approve a Spot Bitcoin ETF, it could unlock a new wave of investor interest and significantly boost the price of Bitcoin.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">He estimated that this approval could drive the cryptocurrency to $150,000 or even $180,000, representing a substantial appreciation from its current levels.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The endorsement of a regulated ETF would likely instill confidence among institutional investors who have hesitated to enter the cryptocurrency market due to concerns about custody and regulatory oversight.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/altcoin\/sei-into-top-100-post-debut-on-major-exchanges\/\" target=\"_blank\" rel=\"noopener \">SEI Token Breaks Into Top 100 One Day Post-Debut On Major Exchanges<\/a><\/div>\n<p><span style=\"font-weight: 400\">However, Lee also acknowledged the influence of the upcoming Bitcoin halving event on the price trajectory. Bitcoin&#8217;s protocol is designed to undergo halvings approximately every four years, reducing the block reward miners receive by half.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Considering the impact of the halving, Lee tempered expectations of Bitcoin reaching six-figure prices in the immediate aftermath. While he expressed confidence in the long-term potential of the digital asset, he suggested that the effects of the halving might delay the realization of such high valuations.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Bitcoin Holds Critical Zone Amidst Intensifying Bull-Bear Battle<\/span><\/h2>\n<p><span style=\"font-weight: 400\">While continuing to experience a consolidation phase and decide which side will crack first,\u00a0 Bitcoin has found itself in a critical zone, prompting both bullish and bearish sentiments among market participants.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Keith Alan, co-founder of the analysis firm Material Indicators, has <\/span><a href=\"https:\/\/twitter.com\/KAProductions\/status\/28467185?s=20\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">highlighted <\/span><\/a><span style=\"font-weight: 400\">vital indicators and technical levels that are currently shaping the market&#8217;s direction.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">While the bears actively seek to test support and potentially trigger a macro bear market, the bulls have maintained the trading range thus far, keeping the macro bull market prospects alive.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The significance of maintaining the range cannot be understated. According to Alan\u2019s analysis, key Moving Averages and the green resistance\/support (R\/S) Flip Zone have demarcated critical levels that Bitcoin must hold.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">As BTC\u2019s price approaches the lower end of the range, below $29,000, Alan closely observes the technical support at the 21-Week Moving Average, as a breach of this level could have far-reaching implications for the overall market sentiment.<\/span><\/p>\n<p><span style=\"font-weight: 400\">According to Keith, a break below the range and the subsequent formation of a Lower Low (LL) in price action would signal the onset of a macro bear market. This would imply a prolonged period of downward price pressure and a potential shift in the broader market trend.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/analysis\/xrp\/xrp-spot-etf-coming-to-the-us\/\" target=\"_blank\" rel=\"noopener \">Is An XRP Spot ETF Coming To The US Soon? Bloomberg Analyst Answers<\/a><\/div>\n<p><span style=\"font-weight: 400\">Conversely, a successful defense of the range, coupled with a clearance of the 100-Week Moving Average and the formation of a Higher High (HH), would indicate the potential for a macro bull market characterized by sustained upward momentum.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Despite the bearish signs of \u201cprice erosion\u201d and diminishing liquidity, the bulls can still find solace in the fact that they are currently holding the range. This suggests that the market is yet to tip in favor of the bears decisively.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">However, the bears remain determined to test this support, making it a crucial juncture for determining the near to mid-term trend of Bitcoin.<\/span><\/p>\n<figure style=\"width: 1814px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large\" src=\"https:\/\/www.tradingview.com\/x\/gww7ZzBG\/\" alt=\"Bitcoin\" width=\"1814\" height=\"858\"><figcaption class=\"wp-caption-text\">BTC&#8217;s current price action toward the lower part of the range on the 1-day chart. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/imgb0rW1\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">Featured image from iStock, chart from TradingView.com\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a recent interview, Tom Lee, CNBC\u2019s head of research, shared his insights on the potential impact of a Spot Bitcoin exchange-traded fund (ETF) approval by the Securities and Exchange Commission (SEC) on the price of the largest cryptocurrency in the market.\u00a0 Lee expressed optimism that introducing a Bitcoin ETF could propel the digital asset to price levels of $150,000 or even $180,000, representing a significant surge from current levels.\u00a0 Optimistic View On BTC Lee&#8217;s bullish stance on the potential for a Bitcoin ETF to drive price appreciation reflects the growing anticipation within the cryptocurrency community, as an ETF would provide traditional investors with a regulated and easily accessible vehicle for gaining exposure to Bitcoin, potentially attracting substantial capital inflows into the market.\u00a0 According to Lee, if the SEC were to approve a Spot Bitcoin ETF, it could unlock a new wave of investor interest and significantly boost the price of Bitcoin.\u00a0 He estimated that this approval could drive the cryptocurrency to $150,000 or even $180,000, representing a substantial appreciation from its current levels.\u00a0 The endorsement of a regulated ETF would likely instill confidence among institutional investors who have hesitated to enter the cryptocurrency market due to concerns about custody and regulatory oversight. Related Reading: SEI Token Breaks Into Top 100 One Day Post-Debut On Major Exchanges However, Lee also acknowledged the influence of the upcoming Bitcoin halving event on the price trajectory. Bitcoin&#8217;s protocol is designed to undergo halvings approximately every four years, reducing the block reward miners receive by half.\u00a0 Considering the impact of the halving, Lee tempered expectations of Bitcoin reaching six-figure prices in the immediate aftermath. While he expressed confidence in the long-term potential of the digital asset, he suggested that the effects of the halving might delay the realization of such high valuations.\u00a0 Bitcoin Holds Critical Zone Amidst Intensifying Bull-Bear Battle While continuing to experience a consolidation phase and decide which side will crack first,\u00a0 Bitcoin has found itself in a critical zone, prompting both bullish and bearish sentiments among market participants.\u00a0 Keith Alan, co-founder of the analysis firm Material Indicators, has highlighted vital indicators and technical levels that are currently shaping the market&#8217;s direction.\u00a0 While the bears actively seek to test support and potentially trigger a macro bear market, the bulls have maintained the trading range thus far, keeping the macro bull market prospects alive. The significance of maintaining the range cannot be understated. According to Alan\u2019s analysis, key Moving Averages and the green resistance\/support (R\/S) Flip Zone have demarcated critical levels that Bitcoin must hold.\u00a0 As BTC\u2019s price approaches the lower end of the range, below $29,000, Alan closely observes the technical support at the 21-Week Moving Average, as a breach of this level could have far-reaching implications for the overall market sentiment. According to Keith, a break below the range and the subsequent formation of a Lower Low (LL) in price action would signal the onset of a macro bear market. This would imply a prolonged period of downward price pressure and a potential shift in the broader market trend.\u00a0 Related Reading: Is An XRP Spot ETF Coming To The US Soon? Bloomberg Analyst Answers Conversely, a successful defense of the range, coupled with a clearance of the 100-Week Moving Average and the formation of a Higher High (HH), would indicate the potential for a macro bull market characterized by sustained upward momentum. Despite the bearish signs of \u201cprice erosion\u201d and diminishing liquidity, the bulls can still find solace in the fact that they are currently holding the range. This suggests that the market is yet to tip in favor of the bears decisively.\u00a0 However, the bears remain determined to test this support, making it a crucial juncture for determining the near to mid-term trend of Bitcoin. Featured image from iStock, chart from TradingView.com\u00a0<\/p>\n","protected":false},"author":589,"featured_media":547573,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,532,656,78790,6664],"class_list":["post-547572","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-etf","tag-bitcoin-news","tag-btcusdt","tag-crypto"],"acf":[],"yoast_head":"\n<title>SEC Approval Could Propel Bitcoin To New Heights: Analyst Forecasts $150,000 Clearing Price<\/title>\n<meta name=\"description\" content=\"Tom Lee, CNBC\u2019s head of research, shared his insights on the potential impact of a Spot Bitcoin ETF approval by the SEC.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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