Major Financial Entities Forecast Possible Bitcoin Price Post ETF Approval

Several financial institutions and experts recently shared their predictions on Bitcoin (BTC) future price. These forecasts come after the hype around the Bitcoin exchange-traded fund (ETF), which sparked a sudden price surge in BTC's price earlier this week.

#CMCInsights: #Bitcoin Price Prediction Following Potential #ETF Approval

We know everyone's excited for a spot #BitcoinETF approval!

Here are some #BTC's price predictions if ETF applications are approved! pic.twitter.com/29Dj0ZChaB

- CoinMarketCap (@CoinMarketCap) October 25, 2023

Among the notable players in this prediction game include SkyBridge Capital, Standard Chartered, and others.

SkyBridge Capital and Standard Chartered, Among Others, Shared Predictions on BTC Price Outlook

SkyBridge Capital, co-founded by Anthony Scaramucci, is bullish on Bitcoin's future price. According to the forecast from the asset management firm, Bitcoin's price may rise to levels between $150,000 and $250,000 after the SEC's approval of the spot ETF.

The co-founder is even more optimistic, as he predicts a potential price of $500,000 before the end of 2024 or mid-2025. He hinges his predictions on the scarcity of Bitcoin, which he believes will be a driving factor.

On a more conservative side, Fundstrat and Morgan Creek Digital estimated a BTC price target of $150,000. On the other hand, Standard Chartered foresees a price range of $50,000 to $150,000 for Bitcoin. His bullish stance for the token is surprising, as he had once expressed contradictory predictions before now.

Furthermore, CryptoQuant, a crypto analytics firm, falls within the mid-range of predictions, forecasting a Bitcoin price range between $50,000 and $73,000. This prediction comes as the firm suggests that Bitcoin's price may be near its bottom.

While the crypto community eagerly anticipates the introduction of a Bitcoin spot ETF, there is no set timeline for its launch. Various positive developments, such as the influence of BlackRock and legal victories by Grayscale Investments, lend credibility to the optimism surrounding a Bitcoin ETF.

However, the ultimate decision lies in the hands of the SEC. Industry experts, including Galaxy Digital's Mike Novogratz, suggest that the SEC may approve the ETF before the year's end.

Bitcoin's Performance and Possible Price Path

While the predictions from these institutions strengthen the belief of a bullish market in the near term, Bitcoin has slightly dropped over the past 24 hours. According to data from CoinMarketCap, the token is trading at $34,186, indicating a downturn of 1.87% in the past day.

This price decline could be due to the token's trading activity, which has decreased over the same period, as shown in its trading volume of over $22.5 billion. Although very large, this figure reflects a 25.61% dip in the last 24 hours.

Meanwhile, Bitcoin's movements have been slightly narrow over the past several hours, evidenced in the hourly price chart. Notably, its movements have been restricted by significant resistance and support levels at $34,507 and $33,900, respectively.

However, given that its price dropped below the 50-day moving average, Bitcoin could be gearing up to dip below its current position. If this prediction holds, Bitcoin may record a decline to the $33,500 price mark.

Notably, while Bitcoin is garnering optimism from major institutions, some crypto stocks appear to be grappling with sell pressure. A notable example is Coinbase stock, which recently recorded a 5% decline, dipping to $73.41 earlier today.

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