SkyBridge Capital, Standard Chartered, Others Share Bitcoin Price Predictions Post ETF Approval

CoinMarketCap recently compiled Bitcoin price predictions after the approval of a spot BTC ETF from 6 top players in the financial ecosystem.

The collated predictions came from SkyBridge Capital, Fundstrat, Morgan Creek Capital Management, Standard Chartered, CryptoQuant and Matrixport. The most conservative Bitcoin price prediction came from Matrixport, which believes BTC can hover between $42,000 and $56,000 when the spot ETF bags approval.

Bitcoin Price Predictions: Expert’s Take

Per the compilation, four of the firms shared their predictions as a range, accounting for conservative and best-case estimates. 

SkyBridge Capital, the asset management firm co-founded by Anthony Scaramucci, believes Bitcoin’s price could soar to $150,000 and $250,000 after the SEC approves a spot ETF.

This projection is in line with the age-long confidence in Bitcoin from Scaramucci. Personally, he believes the coin can hit $500,000 by the end of 2024 or mid-2025, riding on its scarcity.

The Bitcoin price predictions from Fundstrat and Morgan Creek Digital depict a more conservative call. Both believe the coin can hit $150,000. Besides SkyBridge Capital, Standard Chartered maintained the next most bullish outlook on Bitcoin. The banking giant predicted a $50,000 to $150,000 price mark for the cryptocurrency.

While Standard Chartered’s position on Bitcoin over the years remains contradictory as it forecasted a 70% dip in the coin’s price in December 2022, the prospects of Bitcoin spot ETF currently change its perception. Beyond Bitcoin, Standard Chartered also foresees an upside for Ethereum (ETH), unveiling an $8,000 price target for the altcoin by 2026.

CryptoQuant’s projection estimates a $50,000 to $73,000 price for Bitcoin. This comes after the crypto analytics firm revealed earlier that Bitcoin’s price is nearly the bottom.

Bitcoin ETF: Projected Timeline

Though the optimism in the crypto ecosystem concerning a potential Bitcoin spot ETF is high, there is no actual timeline in view at this time. 

However, several positive triggers, including BlackRock’s influence and Grayscale Investment’s legal victory, lend credence to the positive anticipation. Despite the optimism, the ultimate verdict lies with the SEC.

Based on projections from experts like Galaxy Digital’s Mike Novogratz, the SEC may greenlight the ETF before the end of this year.