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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.
Cobie responded to the old post and said he "can't even remember" writing it and cautioned against taking things out of context in isolation.
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.
SEC Chair Gary Gensler emphasizes respect for legal rulings in approving Bitcoin ETFs, despite calling their centralized nature ironic.
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.
Medium-term call options surge in anticipation of the upcoming Bitcoin ETF decision.
The SEC will soon vote on exchange rule changes and sign off on S-1 forms.
