Crypto Analyst Predicts 119% Surge In Bitcoin, Citing Promise Of Spot ETF And Upcoming Halving: 'We've Got More Visible Demand'

Tom Lee, the founder and head of research at Fundstrat Global Advisors, has reinforced his bullish stance on Bitcoin BTC/USD, projecting a significant surge in its value.

In an interview with CNBC this week, Lee predicted that Bitcoin's price could increase approximately 119% in the next 12 to 18 months, potentially pushing it over $150,000.

This optimistic forecast is based on several key factors that Lee believes create a favorable environment for Bitcoin's growth.

According to Lee, "the backdrop for Bitcoin is so much more favorable today," citing increased demand from the spot exchange-traded fund (ETF) and the upcoming halving event as critical drivers.

“I think that sometime in the next 12 to 18 months, Bitcoin can be over $150,000. But that’s because the backdrop for Bitcoin is so much more favorable today," Lee said. 

"We’ve got more visible demand from the spot exchange-traded fund, and we know the supply dynamic is improving with the halving coming up which is less than a month away," he added

Additionally, Lee pointed out that the Federal Reserve's dovish stance and the easing of regulatory pressures could further bolster Bitcoin's ascent.

Also Read: Bitcoin Primed To Explode By Over 400%, Says Crypto Analyst

"It does help that the Federal Reserve is becoming dovish, that’s easier monetary policy. And I think from a regulatory perspective we had so many hammers dropped in the last 12 months, really 18 months, that unless it’s going to be worse over the next two years, Bitcoin’s already faced sort of the peak of regulatory backlash,” he said. 

Lee also highlighted the supply-demand imbalance in the Bitcoin market, pointing to significant inflows into spot Bitcoin ETFs, such as BlackRock's, which recently saw almost $800 million.

He argued that if there is strong demand for Bitcoin and limited supply due to the block reward halving, the market will remain out of balance, favoring price increases.

Lee's analysis suggests that now may be a pivotal time for investors, as Bitcoin's price could be on the verge of a substantial rally amid a more favorable backdrop.

At the time of writing, Bitcoin was trading at $68,281.30, up by almost 10% in the last seven days. 

Now Read: Crypto Analyst Forecasts Monumental Bitcoin Rally By 2026

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