June 5, 2024
Bitcoin at $69,908, With Anticipation for Ethereum ETF Approval
Bitcoin price today

Bitcoin at $69,908, With Anticipation for Ethereum ETF Approval

Thursday, May 23, 2024: Bitcoin Price Today is $69,908, hovering near its previous all-time highs. Market participants eagerly awaited the decision on spot Ethereum ETF. Data from TradingView indicated BTC price action remained above $69,000, despite dipping below this level twice the previous day.

Market Anticipation and Regulatory Expectations

A palpable sense of anticipation pervaded the markets, driven by expectations that U.S. regulators might approve the Ethereum ETF products. This potential approval marked a sharp turnaround from the regulatory stance just weeks earlier. The optimism surrounding this decision brought fresh upside for both Bitcoin and altcoins. The report outlined potential goals, with projections indicating BTC/USD could reach $80,000.

Michaël van de Poppe, founder and CEO of trading firm MNTrading, highlighted the strong market movements, stating, “Very clean price action on $BTC,” in his latest analysis shared on X (formerly Twitter).

BTC/USD chart. Source: Michaël van de Poppe/X

“Expecting a test at $67,500-68,000 before continuation. Everything is in anticipation of a potential Ethereum ETF to be approved.”

This sentiment was echoed by popular commentator BitQuant, who also eyed an $80,000 target for May, predicting a subsequent rise to a local top of $95,000 in the following month.

BTC/USD chart. Source: BitQuant/X

Ethereum’s Potential Surge and Broader Market Impacts

BitQuant’s predictions did not end there. He suggested that while Bitcoin could hit $95,000 in June, a sharp decline from this local top was also likely within the same month. “Yes, $95K will extend to June, but the sharp decline from this local top will also occur in June, so the overall timeline for this local top hasn’t changed,” he explained in a subsequent post on X. BitQuant, known for accurately predicting Bitcoin’s new all-time highs before last month’s block subsidy halving, set Q3 of this year as the deadline for a “global top.”

Considering the potential trajectory for Ether’s price action following an ETF approval, trading firm QCP Capital suggested a significant upside. “We think an approval is now highly likely with trading expected as early as next week,” they communicated to their Telegram channel subscribers. They projected a 60% rise from the current spot price, estimating Ether could reach approximately $6,000. This target drew on Bitcoin’s performance following the approval of its own U.S. spot ETF in January.

ETH/USD chart. Source: Jelle/X

Popular trader Jelle was among many anticipating a favorable outcome for Ether bulls. “ETF decision this afternoon, but the chart looks like it knows the outcome. Higher,” he commented in part of an X post on the subject.

As the hours ticked down to the SEC’s decision, the market braced for significant movements, with optimism riding high on the anticipated regulatory approvals for Ethereum ETFs.

Image by tom bark from Pixabay

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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