Bitcoin (BTC) hovered near its previous all-time highs on May 23 as the time ticked away for a decision on Ethereum (ETH) exchange-traded funds (ETFs).
BTC price saw a boost from Ethereum as it traded above $69,000 after experiencing two dips the day before. There was a sense of anticipation in the markets as it was expected that United States regulators would approve the Ethereum ETF products, which is a significant turnaround from just a few weeks ago.
Bitcoin and altcoins saw fresh upside potential, with potential price targets including $80,000 for BTC/USD. Trading firm MNTrading’s founder and CEO, Michaël van de Poppe, commented on the “clean price action” of Bitcoin in his latest analysis.
Popular commentator BitQuant also predicted a topside theme, with a target of $80,000 in May and a local top of $95,000 next month. However, BitQuant also stated that a sharp decline would occur in June, so the overall timeline for the local top remains unchanged. BitQuant gave the deadline for a “global top” as Q3 of this year.
If the ETF is approved, trading firm QCP Capital believes that Ether could see a 60% increase in price, with a target of approximately $6,000. This estimate is based on Bitcoin’s performance after its own U.S. spot ETF approval in January. Many traders, including Jelle, believe that the stars will align for Ether bulls on the day of the ETF decision.
The announcement for the ETF decision is expected around 8:30 pm UTC.
Please note that this article does not provide investment advice or recommendations, and readers should conduct their own research before making any investment or trading decisions.