Analysts foresee Bitcoin’s value to span from $42K to $250K

• Matrixport predicts Bitcoin’s price could reach $56K with Bitcoin ETF approval.
• Cryptoquant forecasts Bitcoin’s price to range between $50K and $73K post-ETFs.
• SkyBridge Capital projects Bitcoin’s value could reach up to $250,000.

The entire cryptocurrency community eagerly awaits the sanction of Bitcoin Spot ETF applications, with several firms offering their projections on Bitcoin’s potential value if these applications are granted. CoinMarketCap has disseminated the predictions of five distinct financial entities, suggesting that Bitcoin’s price could achieve unprecedented levels.

Matrixport, a cryptocurrency financial services platform, has projected that the price of Bitcoin could range from $42K to $56K following the approval of a Bitcoin ETF. The firm stated on X that approving a Bitcoin ETF could push Bitcoin’s price to $42,000. Furthermore, with an influx of $50 billion from registered investment advisors, the price could surge to $56,000.

Cryptoquant, a provider of analytics and on-chain data, has a more positive outlook on the price, forecasting a range between $50K and $73K. In a comprehensive analysis of Bitcoin’s institutional adoption, Cryptoquant projected an influx of roughly $150 billion into the Bitcoin market following the approval of ETFs.

Furthermore, the forecasts indicated that Bitcoin’s market cap would experience a rise ranging from 82% to 165% from its present value. This would subsequently propel the price of Bitcoin to a range of $50,000 to $73,000.

Standard Chartered, a leading banking institution in the UK, has issued another prediction. The bank anticipates that the price of Bitcoin could escalate to $50,000 by the conclusion of 2023 and further increase to $120,000 by the close of 2024.

Morgan Creek Capital Management, a financial advisory firm, and Fundstrat, a financial entity, have both projected an increase in the price of Bitcoin to $150,000, indicating a consensus in their market outlook.

SkyBridge Capital, a global investment firm, has projected that the price of Bitcoin could reach up to $250,000. They further elaborated that in the forthcoming cycle, the value of Bitcoin could fluctuate between $150,000 and $250,000.