Bitcoin (BTC) held near its all-time highs on May 23 as the hours ticked toward a decision on the Ethereum (ETH) exchange-traded fund (ETF).
BTC price targets get a boost from Ethereum
Data from Cointelegraph Markets Pro and TradingView showed Bitcoin price action above $69,000 after two lower declines from the previous day.
There was a sense of anticipation in the markets as US regulators expected to approve ETF products – a sharp turnaround from just weeks ago.
These hopes were accompanied by a new high for Bitcoin and altcoins, with Cointelegraph reporting potential targets, which include $80,000 for BTC/USD.
“Very clear price action on $BTC,” wrote Michael van de Poppe, founder and CEO of trading firm MNTrading, in his latest analysis on X (formerly Twitter).
“I expect a test of $67,500 to $68,000 before proceeding. This is all in anticipation of the approval of a potential Ethereum ETF.
Continuing the main theme, popular commentator BitQuant was eyeing $80,000 in May before heading to a local high of $95,000 next month.
“Yes, the $95,000 will extend into June, but the big drop from this local top will also occur in June, so the overall timeline for this local top remains unchanged,” part of the post reads. his recent article on X.
In a subsequent discussion, BitQuant, which privately predicted Bitcoin would reach all-time highs before halving its support last month, gave the third quarter of this year as the deadline for the “global summit.”
Traders See ETH Price Hit $6,000 on ETF Green Light
Considering the direction ether price action could take if approved, trading firm QCP Capital estimated the upside potential at 60%.
Related: ETFs Buy New BTC Supply 3x – 5 Things to Know About Bitcoin This Week
“We believe approval is now very likely and negotiations are expected early next week,” she wrote in her latest update to Telegram channel subscribers.
The target for a 60% upside from the current spot price – around $6,000 – was based on Bitcoin’s performance in the months following the US ETF’s green light in January.
Meanwhile, famous trader Gilly was one of many who speculated that the stars would align with the bulls of the ether on this day.
“ETF decision this afternoon, but the chart seems to know the outcome,” he wrote in part of an X article on the subject. upper”.
The ETF’s decision is expected to be announced around 8:30 p.m. UTC.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research before making a decision.
