Lee Believes BlackRock ETF Could Influence A $25k Price For BTC
Aug 29, 2018
Tom Lee, the famed Fundstradt CEO has spoken out once again about the price of Bitcoin. His predictions tend to focus around Bitcoin within the $25,000.00 region and indeed, this time round Lee still believes Bitcoin will see $25,000.00. I suppose if nothing else, Lee is very consistent with his predictions.
According to Coininsider:
“The Fundstrat CEO is claiming that he still thinks it’s possible that the cryptocurrency’s price could swell up to $25,000 USD, taking the relationship between Bitcoin’s price and BlackRock’s iShares MSCI exchange-traded fund (ETF) as a marker on which to base his prediction.”
Lee see’s that there is some correlation between the current Bitcoin market and the BlackRock ETF. It doesn’t take an expert to work that out however. ETF’s are hot topics at the moment, with many under the impression that the approval of such an ETF (like the BlackRock one) will see the price of Bitcoin spike in September. September is the month of ETF application deadlines and could therefore bring some great riches into the markets.
Or, alternatively, the markets could continue to fall through constant ETF rejection. Nobody knows what is actually going to happen here, despite what they tell you.
To reinforce his point, Lee argues:
“Both [Bitcoin and BlackRock ETF] really essentially peaked early this year, and they both have been in a downward trend… Until emerging markets begin to turn, I think in some ways that correlation is going to hold and tell us that sort of the risk on mentality is those buyers aren’t buying Bitcoin.”
Will Bitcoin really see $25,000.00
Many hope so. $25,000.00 will mark a new all time high for Bitcoin and a huge return for a number of investors. It’s going to take a lot of positivity and investment to get Bitcoin to that level though. Indeed, things like the approval of the BlackRock ETF can help the Bitcoin price along, though we should be aware it’s going to take a lot more than that for Bitcoin to finally see a new ATH at $25,000.00.
At the time of writing, Bitcoin is valued at $7,112.02, up 2.34% from yesterday. We are now seeing some growth in Bitcoin, but until $10,000.00 is reached and sustained, $20,000.00 is a spec in the distance, never mind $25,000.00.
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