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The forecast hinges on a perceived supply shock driven by demand from the recently approved Bitcoin ETFs and the upcoming halving event.
The purchase by BlackRock effectively represents about 13 days' worth of Bitcoin production being absorbed by a single player.
Prices fell significantly on Friday despite general optimism around Bitcoin ETFs.
Initial trading volume points to an optimistic future for Bitcoin, which has held steady despite many claiming the approval to be a "sell the news" event.
The newly launched Bitcoin ETFs are enjoying record trading activities within their early hours of trading.
Bitcoin posted a modest gain of only 1.35% during the reporting period.
After over a decade of hesitation, the SEC's green light for spot Bitcoin ETFs signals a new era for crypto in mainstream finance.
Bloomberg ETF analyst Eric Balchunas expects the SEC will make the official approval announcement between 4pm to 6pm Eastern Time.
Lee believes that institutional adoption will increase the legitimacy of Bitcoin and attract large-scale investments, boosting demand and, consequently, its price.
