Will Bitcoin Reach $40,000 Again? Experts Weigh In on ETF Excitement
Bitcoin (BTC) enthusiasts have been eagerly anticipating the approval of a spot exchange-traded fund (ETF) as a potential catalyst for the cryptocurrency’s price surge. However, recent analysis suggests that not everyone is convinced that the ETF narrative will lead to a significant BTC price reclaim.
In the aftermath of the U.S. versus Binance regulatory controversy, which involved a massive fine and the potential removal of Changpeng Zhao (CZ) as CEO, Bitcoin experienced a brief dip in price. Nevertheless, it quickly rebounded to near 18-month highs within 24 hours.
Some commentators speculated that the regulatory actions against Binance were strategically timed to pave the way for the first U.S. Bitcoin spot ETF. While the approval is not guaranteed, it is expected to come in early January 2024.
However, popular trader Bitcoin Jack expressed doubt about BTC/USD hitting $42,000, stating, “I said 42k. Not sure we get there anymore.” He argued that the recent Binance and ETF news failed to significantly impact market dynamics.
Bitcoin Jack also introduced potential downside targets, suggesting that $30,000 might come back into play. He emphasized that clean support levels below this price could serve as attractive buy levels if reached.
While Bitcoin Jack remains skeptical, other experts maintain that the low $30,000s could serve as a retracement zone due to the liquidity present in that range.
In a recent social media survey conducted by Filbfilb, co-founder of trading suite DecenTrader, respondents were almost evenly split between predicting whether Bitcoin would reach $40,000 or $33,000 first.
On the opposite end of the spectrum, Samson Mow, CEO of Bitcoin adoption firm JAN3, believes that the approval of a Bitcoin spot ETF could propel the cryptocurrency’s price to $1,000,000 per coin. He dismissed any predictions of a lesser price surge, stating that those who doubt Bitcoin’s potential are in for a pleasant surprise.
At the time of writing, BTC/USD is trading at $37,000, according to data from Cointelegraph Markets Pro and TradingView.
This article does not provide investment advice or recommendations. Readers should conduct their own research before making any investment or trading decisions.
