Despite growing interest in spot exchange-traded funds (ETFs), the price of Bitcoin (BTC) may not return to $40,000.
exist recent analysiscryptocurrency market participants have begun to reconsider how optimistic ETF claims are about BTC price action.
Trader: ‘Not Sure’ BTC Price Will Hit $42,000
The dust continues to settle in the U.S. regulatory saga with Binance, which is believed to involve a $4.3 billion fine and the removal of CEO Changpeng Zhao, also known as CZ.
Bitcoin fell to a one-week low following the news, but quickly rebounded over the next 24 hours to return to near 18-month highs.
Meanwhile, commentators are beginning to say the enforcement action is a timely move that paves the way for the first U.S. Bitcoin spot ETF.
This has long been expected to be a watershed moment for cryptocurrencies, but approval is expected in early January 2024, although it’s far from guaranteed.
Still, not everyone thinks Bitcoin prices will react parabolically. These include popular trader Bitcoin Jack, who expressed doubts about BTC/USD even touching $42,000 in a recent X post.
“I said 42k. Not sure we’ll get there,” he concluded on November 21.
Bitcoin Jack explains that this week’s Binance and ETF news reports failed to reshape market dynamics.
“Expect any rumors regarding Binance vs. U.S. resolution to be more optimistic than prices reflect (reason: good for ETFs, less uncertainty for investors if there is a resolution), in addition to last week’s generally bullish headlines Outside of that (minus the Kraken, though there’s a lot of it) it’s more of the reused language of early repression),” he continued.
Introducing potential downside targets, he noted that while support is “clean,” $30,000 could still come back into play.
“Sometimes what is not happening is the truth,” he concluded.
“If the following HTF support appears, it is a clean buying level. The potential top or another range to 42, with support around 29-31.”
A Bitcoin spot ETF, $1 million in BTC?
As Cointelegraph reported, other recent predictions have maintained the lows of $30,000 as a correction zone, in part because liquidity remains.
Related: Bitcoin ETF hype returns, ‘aggressive bidding’ brings BTC price close to $38,000
In his recent social media survey, Filbfilb, co-founder of trading suite DecenTrader, found that respondents were almost 50/50 split on whether Bitcoin would reach $40,000 or $33,000 first.
It’s that time again:
BTC is currently at $37,000…which one is more likely to come first?
—filbfilb (@filbfilb) November 22, 2023
Meanwhile, Samson Mow, CEO of Bitcoin adoption company JAN3, takes the opposite extreme stance on the ETF issue.
in a X posts On November 23, he said that not only would Bitcoin’s approval lead to a price of $1,000,000, but that holders’ predictions of lower prices were also wrong.
“I’ve noticed that some Bitcoin holders don’t think Bitcoin will hit $1,000,000 in a few days/weeks after ETF funds start flowing in,” he wrote.
“They’re going to get a surprise.”
At the time of writing, BTC/USD was trading at $37,000, according to data from Cointelegraph Markets Pro and Cointelegraph Markets Pro trading view.
This article does not contain investment advice or recommendations. Every investment and trading activity involves risks, and readers should do their own research when making decisions.
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