Bitcoin May Not Reclaim $40K Value Despite Buzz Over Exchange-Traded Fund
Summary:
Despite growing excitement over a potential Bitcoin (BTC) spot exchange-traded fund (ETF), experts suggest BTC may not regain its $40,000 value anytime soon. The expected approval of the ETF in January 2024 is not seen as a guarantee of a sudden increase in BTC's value. Following the U.S. regulatory controversy involving a hefty fine for Binance and the exit of its CEO, the price of BTC dipped, only to recover swiftly. Market experts advocate careful analysis of trading trends before making investment decisions.
Despite the growing buzz about a potential spot exchange-traded fund (ETF) for Bitcoin (BTC), the digital currency may not regain its $40,000 value soon, according to market experts. Crypto market analysts are reassessing the optimism surrounding the ETF's influence on Bitcoin's performance. As the implications of the U.S. regulatory controversy with digital exchange platform Binance continue to unfold, it is speculated that the company may face a $4.3 billion penalty, compounded by the ousting of CEO Changpeng Zhao, popularly known as CZ.
Following these developments, Bitcoin plunged to a one-week low, swiftly recovering to nearly 18-months high within a day. Observers suggest this legal action conveniently sets the stage for the U.S.'s first Bitcoin spot ETF, anticipated to be a turning point for the crypto world, with approval likely to occur by early January 2024.
Notwithstanding, experts like well-known trader Bitcoin Jack cast doubt on the immediate chances of Bitcoin's price skyrocketing, even suggesting that BTC/USD hitting $42,000 was doubtful. Citing recent news about Binance and the ETF, he expressed that they hadn't significantly swayed market tendencies.
While he acknowledges 'clean' support levels, he highlighted that a $30,000 price range could be expected. As Cointelegraph mentioned, some recent predictions uphold the low $30,000 as a possible step-down zone, primarily due to its liquidity.
Meanwhile, Filbfilb, the co-founder of trading suite DecenTrader's latest social media poll, recorded an almost equal split among participants on whether Bitcoin would touch $40,000 or $33,000 first.
On the other end of the spectrum, Samson Mow, CEO of Bitcoin adoption company JAN3, postulated that Bitcoin could reach a staggering $1 million per coin following the ETF approval, contrary to the predictions of some Bitcoin owners.
At the time of writing, Bitcoin traded at $37,000, according to Cointelegraph Markets Pro and TradingView. Remember, every investment and trading decision carries potential risk, and prospective investors are advised to carry out their own research before making a move.
Published At
11/23/2023 4:26:04 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.