Ethereum ETF decision is within hours as BTC price hits $80K in May.
Bitcoin (BTC) lurked near all-time highs on May 23, when the clock ticked down on spot Ethereum (ETH) exchange-traded funds (ETFs).
BTC price targets will see Ethereum rise
Data from Cointelegraph Markets Pro and TradingView showed BTC price action above $69,000 after two dips earlier in the day.
A sense of optimism pervaded markets as US regulators approved Ethereum ETF products – a welcome change from weeks ago.
Those expectations are for both Bitcoin and altcoins, with Cointelegraph reporting on potential targets, which include $80,000 for BTC/USD.
“Very clean price action on $BTC,” wrote Michael Van de Pop, founder and CEO of trading firm MNTrading, in his latest analysis on X (formerly Twitter).
“Pending $67,500-$68,000 before continuing the challenge. Everything is pending approval Ethereum ETF.
Continuing the above theme, popular analyst BitQuant saw $80,000 in May before a trip to a local high of $95,000 the following month.
“Yes, $95K extends into June, but the top drop from this local will also occur in June, so the overall timeline for this local top is unchanged,” said part of the latest X post.
In a follow-up discussion, BitQuant predicted that Bitcoin would reach a new all-time high before last month's subsidy halving, making Q3 of this year the final date for a “global peak”.
Traders will see the $6,000 ETH price on the back of the ETF's green light.
Considering where Ether's price action may lead at the time of approval, trading company QCP Capital has set the maximum potential at 60%.
Related: ETFs Buy 3X New BTC Supply — 5 Things to Know in Bitcoin This Week
In part of his latest update to Telegram channel subscribers, he wrote, “We think it's very likely that the deal will be approved early next week.”
That was 60% higher than the spot's current price — nearly $6,000 — based on Bitcoin's performance in the months since its own US spot ETF went under in January.
Prominent trader Jelle was one of those who predicted the stars would line up for ether bulls that day.
ETF decision this afternoon, but the chart seems to know the outcome. Higher, wrote part of X's post on the topic.
ETF decision announcement is expected around 8.30 pm UTC.
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.
