Bitcoin to $1M post-ETF approval? BTC price predictions diverge wildly
Bitcoin (BTC) may not see a $40,000 BTC price reclaim despite increasing excitement over a spot exchange-traded fund (ETF).
In recent analysis, crypto market participants have started to reconsider just how bullish the ETF narrative really is for BTC price action.
The dust continues to settle on the U.S. versus Binance regulatory bombshell, which is thought to involve a $4.3 billion fine and the removal of Changpeng Zhao, also known as CZ, as CEO.
Bitcoin sank to one-week lows on the news, but a swift rebound took it back to near 18-month highs with 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. Bitcoin spot ETF.
Long expected to form a watershed moment for crypto, the approval — while far from guaranteed — is slated to come in early January 2024.
Nonetheless, not everyone sees a snap BTC price parabolic reaction coming as a result. 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 stories 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
Read more on cointelegraph.com
