Bitcoin Price Prediction as Ex-BlackRock Director Says BTC ETF is Coming in '3 to 6 Months' – Can Bitcoin Reach $100,000?
Bitcoin, the world's most valuable cryptocurrency, has seen a recent dip in trading value, currently resting at around $27,700, which is below its $28,000 threshold. However, this fluctuation in price may be due to the overall stability of traditional financial markets, which can be partly attributed to the slow growth rate of the US job market.
Investors are eagerly awaiting important job data from the US this Friday. The early numbers for September's job growth were lower than expected, which may have an impact on the price of Bitcoin. It could either rise to $30,000 or remain at around $27,000.
Steven Schoenfield, CEO of MarketVector Indexes and ex-BlackRock MD, predicts the SEC will approve a Bitcoin spot ETF in 3-6 months, as shared at CCData's Digital Asset Summit in London.
Schoenfield and Bednall predict SEC will approve all Bitcoin ETF applications at the same time to avoid unfair advantage.
Recent SEC actions show a favourable dialogue on the issue. SEC lost a lawsuit filed by Grayscale, indicating potential openness. BlackRock is a strong contender for the first Bitcoin spot ETF approval due to their history of dealing with the SEC.
Approval of a Bitcoin ETF could attract $150-200 billion in investments over three years, potentially doubling or tripling the current amount managed through Bitcoin products.
This has generated optimism in the market and could attract significant institutional investments, driving up demand and potentially pushing Bitcoin's price higher.
Former BitMEX CEO Arthur Hayes has made a bold prediction about the future of Bitcoin. He believes that by 2026, the price of Bitcoin could skyrocket to an astounding $750,000 to $1 million. This forecast is notably higher than most other predictions.
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