Bitcoin (BTC) tracked $42,500 into the 2023 yearly close as traders began to see “interesting” BTC price behavior.
Post-ETF BTC price drop targets include $36,000
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD keeping volatility away during the final hours of the yearly candle.
After failing to secure a breakout of its December trading range, Bitcoin remained concerning for bulls ahead of the key legislative event to come early next month — the potential approval of the first United States spot price exchange-traded fund (ETF).
“Technically, H4 is in a downtrend and wants 40.5K~ IMO. But with that said, ETF approval is supposed to come within a week or two,” popular trader Crypto Chase wrote in part of the day’s analysis on X (formerly Twitter).
Crypto Chase, who previously opted to go short BTC at $43,000, predicted a maximum push to $46,000 on the back of a positive ETF decision, with $36,000 coming quickly should the product be rejected.
Continuing on the topic, popular social media commentator WhalePanda likewise saw the scope for limited upside around the approval, with a retracement to follow.
“ETF approval spikes us to $50K-ish, then depending on how long it takes for the ETFs to launch it will start selling off, maybe to low $40k-ish if it takes a month before they launch, don’t see us go below $38k,” he told X subscribers.
“After that just a steady rise like a normal Bitcoin bull market passing $70k in April-May with some stalling in the summer and then end the year at around $100k-120k.”
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Author: William Suberg
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