- Fundstrat’s Tom Lee says Bitcoin (BTC) could hit $150k in 12 months
- Will Memeinator (MMTR) also explode?
- Meanwhile, ETF experts comment on impending spot Bitcoin ETF approval.
With Bitcoin poised above $45k ahead of a potential spot ETF approval, a Wall Street bull is predicting that the benchmark cryptocurrency could rally as high as $150k in 2024. What would this mean for the rest of the market?
Can new token Memeinator ride the expected bull market to dominate the meme coin space? The project is seeing huge presale interest as total amounts raised surpass $3.2 milion.
Tom Lee predicts Bitcoin could rise to $150k in 12 months
Bitcoin price jumped to a 19-month high near $48k on Tuesday before sharply retreating to the $45k level. The declines came as SEC Chair Gary Gensler dismissed an alert posted on the official SEC X account noting the approval of spot Bitcoin ETFs. X also posted a confirmation that indeed a hacker compromised the SEC account and posted the “fake approval” news.
As the market bounces higher, Fundstrat Global Advisors managing partner Tom Lee said in an interview with CNBC’s ‘Squawk Box’ that BTC price could rise to $100k, or as high as $150k over the next 12 months.
“There’s potentially a huge increase in demand with a Spot Bitcoin approval so I think in five years something around half a million is definitely achievable,” the FS Insight head of research noted.
Bloomberg analyst: Crypto market set for ETF “derby”
While the market and some US lawmakers have decried the false news’ potential market manipulation, Bloomberg ETF analyst Eric Balchunas says “it’s all systems go” for a SEC approval.
According to the analyst, formal approvals could stream in between 4 and 6 pm on Wednesday. The trading of the ETFs will then follow on Thursday. Amid this is the intensifying “fee war” between the issuers, with Bitwise offering a 0.20% fee rate, Ark/21 Shares 0.21% and BlackRock 0.25%. Can the issuers flip and raise the fees after garnering traction?
As Balchunas noted in a reply post on X, this is unlikely and any company opting for this trajectory could have its ETF “stained”.
Ripple effect of ETF approval on altcoins, Memeinator
If the SEC finally approves the first spot Bitcoin ETF for the US market, market experts expect billions of dollars’ worth of inflows into the ETFs. Elsewhere, it’s expected the ripple effect would catalyze further adoption across the altcoin market amid institutional interest.
Analysts expected altcoins to pick up momentum following Bitcoin’s likely explosive reaction to the approval. Ethereum could surge to new all-time highs above $5k, while Dogecoin, may lead the meme coin resurgence.
Among the crop of new projects likely to benefit from this outlook is Memeinator. The project’s whitepaper outlines a utility packed ecosystem leveraging AI and powered by the MMTR token. Although a meme coin, Memeinator looks set to distinguish itself from the crowd. It’s poised for a hostile takeover of the meme sector by targeting weak or worthless meme tokens by offering real value to MMTR holders.
Memeinator’s recent launch of staking and burning of over 129 million tokens are key milestones as Memeinator races through the second half of the 20-stage presale.
While other factors could come into play, MMTR could benefit from the bullish outlook for Bitcoin and altcoins. The current price of $0.0186 in stage 12 of the presale could be a massive opportunity, with MMTR likely to surge significantly post-launch.
Currently, Memeinator’s presale has surpassed $3.2 million.
Learn about this project and how it works from its whitepaper or visit their website here.
