- Several prominent financial institutions have shared predictions for Bitcoin’s price if the Bitcoin Spot ETF applications are approved.
- These predictions range from a low of $42,000 to a high of $250,000.
- The highest prediction claimed that Bitcoin could reach $250,000 in the next cycle.
The whole crypto community is anticipating the approval of the Bitcoin Spot ETF applications, and some companies shared their predictions about the price of Bitcoin if the applications were approved. CoinMarketCap shared the forecasts of five different finance companies that believe that the bitcoin price could reach new highs.
Starting from the lowest price prediction, Matrixport, a crypto financial services platform, shared that Bitcoin’s price following ETF approval would be between $42K-$56K. Matrixport shared on X that with the approval of a Bitcoin ETF, “Bitcoin’s price could hit $42,000, and with $50 billion from registered investor advisers, it might rally to $56,000.”
Analytics provider and on-chain data platform Cryptoquant was more optimistic about the price and predicted a range of $50K-$73K. In a detailed report on the institutional adoption of Bitcoin, Cryptoquant shared that they anticipate approximately $150 billion inflow to the Bitcoin market once ETFs are approved.
Moreover, the predictions stated that Bitcoin’s market capitalization would increase between 82% and 165% from the current level, which would lead the Bitcoin price to reach between $50,000 and $73,000.
Standard Chartered, one of the biggest banks in the United Kingdom, made another forecast. The bank predicted that the Bitcoin price could reach $50,000 by the end of 2023 and would go higher next year and reach $120,000 by the end of 2024.
Morgan Creek Capital Management, an investment adviser, and Fundstrat, a financial institution, both shared the same views and predicted a higher price of Bitcoin, which is $150,000.
Meanwhile, the highest prediction for the Bitcoin price reached $250,000 by SkyBridge Capital. The global investment firm stated that in the next cycle, Bitcoin can reach a value between $150,000 and $250,000.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
