Bitcoin’s Rally Persists as Market Eagerly Awaits Decision on Ethereum ETFs
Summary:
Bitcoin hovered close to recent all-time highs as the cryptocurrency market awaited a key decision on Ethereum spot exchange-traded funds (ETFs) by U.S. regulators. Experts predict new price targets such as $80,000 for Bitcoin, while Ethereum could grow by up to 60% if the ETFs get approved, potentially reaching close to $6,000. The announcement on the ETF decision is expected soon.
Bitcoin continued to hover near recent record highs on May 23, as the cryptocurrency world awaited a crucial decision regarding the approval of Ethereum spot exchange-traded funds (ETFs). The Bitcoin market, as shown by data from Cointelegraph Markets Pro and TradingView, maintained figures over $69,000 following two slumps from the previous day.
There was a growing sense of expectation in the markets, with U.S. regulators predicted to approve the Ethereum ETFs, a significant shift in perspective from mere weeks ago. This optimism played a part in rising values for not just Bitcoin, but altcoins as well. Observations by Cointelegraph suggest possible price targets including $80,000 for Bitcoin.
Michaël van de Poppe, founder and CEO of MNTrading, described Bitcoin's performance as very clean, in his latest analysis. He anticipates a retest at the $67,500-$68,000 range before the price continues to ascend, in line with the Ethereum ETF approval anticipation.
Adding to the upswing narrative, BitQuant, a renowned observer, speculated $80,000 for Bitcoin in May, followed by a peak at $95,000 in the subsequent month. He projects a sharp fall from this high point also occurring in June. BitQuant, who accurately forecast Bitcoin's new all-time highs before last month's block subsidy halving, gave the third quarter of the year as the timing for a worldwide peak.
As for Ethereum's price trajectory should the ETFs get the green light, QCP Capital trading firm projects an increase of up to 60%. They believe an approval is highly probable, with trading likely to initiate as early as next week. Their 60% prediction, nearing $6,000, reflects Bitcoin's growth following the approval of its U.S. spot ETF in January.
Prominent trader, Jelle, is among many anticipating a positive outcome for Ethereum in anticipation of the ETF decision. He took to social media suggesting that the cryptocurrency’s price chart already hints at the verdict, indicating an upward trend.
An announcement regarding the ETF decision is expected at approximately 8.30 pm UTC. This article should not be viewed as an investment guide or recommendation. As with any trading activity, there are risks involved, and readers should undertake their own independent research before making any decisions.
Published At
5/23/2024 12:54:20 PM
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