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Bitcoin to $1M post-ETF approval? BTC price predictions diverge wildly

Press Releases Crypto News Cointelegraph Bitcoin to $1M post-ETF approval? BTC price predictions diverge wildly

Bitcoin (BTC) may not reclaim $40,000, despite increasing excitement over a spot exchange-traded fund (ETF).

In recent analyses, crypto market participants have started to reconsider just how bullish the ETF narrative really is for BTC price action.

Trader: “Not sure” BTC price will reach $42,000

The dust continues to settle on the United States vs. Binance regulatory bombshell, which involves a $4.3 billion fine and the removal of Changpeng “CZ” Zhao as CEO.

Bitcoin sank to one-week lows on the news, but a swift rebound took it back to near 18-month highs within the following 24 hours.

At the same time, commentators began to suggest that the enforcement action was a timely move to pave the way for the first U.S. spot Bitcoin ETF.

Long expected to be a watershed moment for crypto, an approval — while far from guaranteed — could come in early January 2024.

Nonetheless, not everyone sees an approval resulting in a snap BTC price parabolic reaction. Among them is popular trader Bitcoin Jack, who, in a recent X post, cast doubt on BTC/USD even hitting $42,000.

“I said 42k. Not sure we get there anymore,” he summarized on Nov. 21.

Bitcoin Jack explained that the week’s Binance and ETF news had failed to reshape market dynamics.

“Expected any rumour on a Binance vs US resolution to be more bullish than price reflects (reasons: positive for ETF, less uncertainty for investors if there is a resolution), on top of the generally bullish headlines last weeks (minus Kraken, though much of it is more of the same earlier crackdown language recycled),” he continued.

Introducing potential downside targets, he noted that while support levels are “clean,” $30,000 may yet come back into play.

“Sometimes that what doesn’t happen is the tell,” he concluded.

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Author: William Suberg

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