Bitcoin To $1M Post-ETF Approval? BTC price predictions vary greatly
Bitcoin (BTC) may not be able to recapture $40,000, although excitement over the spot exchange-traded fund (ETF) is growing.
In recent analyses, crypto market participants are beginning to reconsider how critical the ETF narrative is to BTC price action.
Trader: “I'm not sure” BTC price reaches $42,000
The dust in the United States vs. Binance continues to settle on a regulatory bombshell, which includes a $4.3 billion fine and the removal of Changpeng “CZ” Zhao as CEO.
Bitcoin fell to a one-week low on the news, but a quick recovery took it to near 18-month highs in the next 24 hours.
At the same time, analysts began to describe the enforcement action as a timely step to pave the way for the first US-based Bitcoin ETF.
Long expected to be a watershed moment for crypto, approval – far from guaranteed – could come as early as January 2024.
However, not everyone sees the approval that causes the rapid parabolic reaction of BTC price. Among them, the famous trader Bitcoin Jack, in a recent X post, is even hitting $42,000 on BTC/USD.
“I'm not sure we've reached 42K yet,” he summed up on November 21.
Bitcoin Jack reveals that the week's Binance and ETF news failed to change market volatility.
“Rumours on Binance vs US quality expected to be more bearish than price (reasons: positive for ETFs, uncertainty for investors if there is a solution), again from the bullish language of the previous weeks on the generally bearish headlines (minus the Kraken, although there are more) It's been used,” he continued.
Introducing possible lower targets, he stated that although the support levels are “clean”, $30,000 may yet come back into play.
“Sometimes what doesn't happen is talking,” he concluded.
“It's a pure buy level if the HTF supports come in below. There could be another leg here to 42, support around 29-31.”
One place Bitcoin ETF, $1 million BTC?
As Cointelegraph reports, other recent forecasts are expecting the low $30,000s as the recovery zone, partly because of the liquidity that remains there.
RELATED: Bitcoin ETF token returns as ‘stress bid' sends BTC price to $38k
In a recent social media poll, Filbfilb, founder of the DecenTrader trading suite, asked his followers whether Bitcoin would hit $40,000 or $30,000 first. The result was a 50/50 split.
It's that time again.
BTC at $37k now.. which one could be the first?
— filbfilb (@filbfilb) November 22, 2023
Meanwhile, on the opposite end of the ETF issue is Samson Mou, CEO of Bitcoin adoption firm Jan3.
In the year In X's post on November 23rd, due to the approval of Bitcoin, he said that it would not hit $1,000,000 per coin, but hodlers were wrong in predicting less.
“It has come to my attention that there are some bitcoiners who don't think that Bitcoin can reach $1,000,000 within days/weeks of the ETF outflow,” he wrote.
“You're in for a treat.”
BTC/USD traded at $37,000 at the time of writing, according to data from Cointelegraph Markets Pro and TradingView.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
