Bitcoin (CRYPTO: BTC) surged above $66,000 to new all-time highs this week following the listing of the first-ever Bitcoin futures ETF.
Bitcoin could continue rallying another $100,000 or so over the next few months, according to Fundstrat's Tom Lee.
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"I think the [Bitcoin futures] ETF is a pretty big deal," Lee said Thursday on CNBC's "Closing Bell."
The newly listed Bitcoin futures ETF, ProShares Bitcoin Strategy ETF (NYSE:BITO), has created access for millions of investors to be able to own Bitcoin through their brokerage accounts, Lee said.
"We think the equilibrium price just from that increase in demand, you know, let's say it matches the 2002 launch of the triple Q's (Invesco QQQ Trust (NASDAQ: QQQ)), it could take Bitcoin to like $160,000 or higher in the next few months."
Bitcoin is a network value asset so it is dependent upon adoption, Lee noted. Based on regression models, he believes Bitcoin is inexpensive at current levels and sees "significant upside over the next few years."
$BTC Price Action: Bitcoin is up about 118% year-to-date. It's down 4.68% at $63,372 over a 24-hour period at time of publication.
Photo: Christopher Muschitz from Pixabay.