Even if the Bitcoin spot ETF filings are rejected, Lee believes the halving event will boost BTC's price - but not to six digits.

According to investment analysis firm Fundstrat, the price of Bitcoin would surpass $150,000 by the end of 2024 if the current wave of US spot-Bitcoin exchange-traded funds (ETFs) is authorized.

Fundstrat's managing partner and head of research Tom Lee stated on CNBC's Squawk Box on August 16 that a slew of successful Bitcoin spot ETF applications will tilt Bitcoin's supply-demand dynamics toward significant price growth.

Lee didn't hold back when asked what the price of Bitcoin could reach by the end of next year:

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Lee clarified that this might be the case as long as there is a spot Bitcoin ETF permitted in the United States, as there are already spot Bitcoin ETFs in Europe.

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According to Bloomberg senior ETF analyst Eric Balchunas, the United States presently accounts for 97.7% of global trading volume for crypto-related ETFs. He believes that once spot Bitcoin ETFs are legalized, this figure might rise to 99.5%.

Even if the spot ETF applications are denied, Lee expects a significant price boost from Bitcoin's next halving event, which is scheduled for April 2024.

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In June, Wall Street heavyweights Fidelity, Invesco, Wisdom Tree, and Valkyrie joined the world's largest asset manager BlackRock in filing an application with the SEC for a Bitcoin spot ETF.

However, some of these corporations may not learn their fate until 2024, since the SEC has up to 240 days after starting the review process to make a final decision on an application.

Grayscale's appeal to convert its GBTC trust product into a Bitcoin spot ETF is expected to be resolved sooner rather than later.

Bloomberg ETF analysts Eric Balchunas and James Seyffart recently calculated that these Bitcoin spot ETFs had a 65% chance of being authorized by the Securities and Exchange Commission — a big rise from before BlackRock's application.

Others have speculated that a $100,000 Bitcoin price may be reached considerably sooner than predicted, with Blockstream CEO Adam Back recently predicting that Bitcoin will reach the new price milestone the month before the halving event.

However, not everyone is in agreement. On Aug. 15, Jesse Myer, co-founder of Bitcoin investment firm Onramp, emphasized that the market would only price in the changing reality 12-18 months after the halving.

"Bitcoin will not reach $100,000 before the next halving," he predicted.

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