Wall Street Strategist Predicts Bitcoin At $168,000 By End Of 2021

Wall Street Strategist Tom Lee expects Bitcoin to go as high as $168,000 before end of 2021, according to a Bloomberg report.

Lee has always been bullish on cryptocurrencies. He earlier said that he expected the asset to hit $100,000 this year, but as the market unravels it looks like he is doubling down on this prediction which he had made back in May.

Bitcoin’s volatility has never been worrying for the Wall Street strategist who thinks it’s part of the game:

“I think bitcoin is hyper-volatile. That’s the nature of it, but that’s what creates the reward for people.”

ETFs Drive Lee’s Prediction

Lee explained the factors driving his price prediction for the digital asset, such as the recent ETF approvals that bitcoin had seen recently. The first U.S. Bitcoin Futures ETF is scheduled to begin trading this week and Lee believes that the ETF approvals are the major reason behind the asset hitting the $100K price mark.

Everything comes down to adoption and according to Lee the Bitcoin Futures ETF will help to drive more adoption for the digital asset. The inflows which will come from this adoption will translate into a higher value for the asset.

With the newly approved Futures ETFs, Lee explains that the fund will allow more individuals to allocate a portion of their investment portfolios to crypto, and “this will drive significant new inflows.”

Bitcoin $100,000 Mark

More and more analyst are calling the future price for Bitcoin to go beyond the $100,000 mark. Seemingly BTC took a beat-down in the market in September, but analysts still maintained their predictions that the asset will hit $100,000 before the year runs out. The predictions have been attributed to a number of factors but the forecasts have always remained the same; the market will see BTC at $100K before the next bull market.

Lee is not the only prominent figure who has put the digital asset at this value in Q4 of 2021. Various market analysts have put the asset at the same value by year-end. Skybridge Capital CEO Anthony Scaramucci has also said Bitcoin will hit this price point, pointing out that as adoption grows worldwide, so will the value of BTC grow with it.

Not everyone has jumped on the bitcoin at $100,000 bandwagon though. Fidelity analyst Jurrien Timmer told CNBC that BTC could still be long way from hitting $100K. While he believes that the BTC price will eventually six-digits, he predicts it will take much longer time frame.