BTC Price Targets Near $42K 2023 As Bitcoin OG ETF Says ‘Not Price Implemented’
Bitcoin (BTC) tracked $42,500 on the 2023 annual close as traders began to see “exciting” BTC price behavior.
Post-ETF BTC price reduction targets include $36,000
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD expected to remain volatile in the final hours of the yearly candle.
After Bitcoin failed to confirm the opening of its trading range in December, ahead of a key legislative event early next month – the approval of the first US spot exchange-traded fund (ETF) – has already worried bulls.
“Technically, the H4 is on a downward trend and needs 40.5K~ IMO. But having said that, ETF approval is expected to come in a week or two,” popular trader Crypto Chase wrote in part of the day's analysis on X (formerly Twitter).
Crypto Chase, which had previously opted to go short BTC at $43,000, predicted a push to $46,000 on the back of a positive ETF decision, with $36,000 coming quickly if the product is rejected.
Staying on top of the topic, popular social media analyst WhalePanda also noted that the endorsement was limited.
“The ETF approval will get us to $50k-ish, then depending on how long the ETFs take to launch, we'll start selling, maybe a month before they launch, to the low $40k-ish, don't see us go below $38k,” he told X Subscribers.
“After that, it's like a normal bitcoin bull market that spends $70k in April-May, stops some in the summer, and then ends the year around $100k-120k.”
The position of the Bitcoin ETF continues to prove a divisive topic – Adam Back, CEO of blockchain startup Blockstream, has repeatedly argued that it is “undervalued” in the market.
ETFs are not priced.
— Adam Back (@adam3us) December 31, 2023
At current levels, BTC/USD is still up nearly 60% in Q4 and around 160% year-to-date, according to data from statistical resource CoinGlass.
Analyst: Ether to “Outperform” Bitcoin Next Year
Taking a closer look at short-term order book trends, meanwhile, traders saw reason for excitement heading into the annual close.
RELATED: Bitcoin Miners Cut BTC Holdings As ‘Mining Cost' Approaches $65K
Bidding liquidity on US exchange Coinbase has increased to the spot price, Skew and CredibleCrypto noted. Both pointed out that this could trigger lively trading conditions.
$BTC Coinbase Spotthose bids to $40K have now moved above the $41K 400BTC bid.
Things are getting interesting now pic.twitter.com/VAmlqj5UXV
— Skew Δ (@52kskew) December 31, 2023
5 days ago the first Coinbase bidder raised his bid from 39.5-40.5k to 41.5k-42.5k below the current price of $BTC pic.twitter.com/URMCeskQph
— CrediBULL Crypto (@CredibleCrypto) December 31, 2023
At the end of the year, MN Trading founder and CEO Michael van de Pop predicted that 2024 would be the altcoin's time to shine.
“Crypto's total market capitalization rose from $1T to $1.62T. The run to the top is great, but it's looking at a potential peak. The area around $1.85T or $2.10T could be a consolidation spot,” he summarized on December 31. .
“What's next? Ethereum will surpass Bitcoin in 2024. Enjoy the ride!”
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.
