Will Bitcoin and Ethereum Soar with the Ethereum ETF Decision?
Is $6,000 the Next Stop for Ether ?
On May 23, Bitcoin (BTC) hovered close to its previous all-time highs as the market awaited a decision regarding Ethereum (ETH) exchange-traded funds (ETFs). Data from TradingView showed BTC trading above $69,000 after experiencing two brief dips below that level the previous day.
Anticipation Builds Around Ethereum ETF Decision
Market sentiment was dominated by the anticipation that U.S. regulators might approve Ethereum ETF products. This potential approval marked a stark contrast to the outlook just weeks prior and spurred optimism across both Bitcoin and altcoins.
Market Analysis and Predictions
Michaël van de Poppe, founder and CEO of trading firm MNTrading, noted the strong performance of Bitcoin in his latest analysis on X (formerly Twitter).
He predicted a test at the $67,500 to $68,000 range before a possible continuation upward. He emphasized that the market was focused on the potential approval of the Ethereum ETF.
Popular commentator BitQuant shared an optimistic outlook, predicting that Bitcoin could reach $80,000 in May and potentially hit a local top of $95,000 in the following month. Despite the anticipated decline from this peak in June, BitQuant maintained that the overall timeline for this local top remained unchanged. He further predicted that Bitcoin would achieve new all-time highs by Q3 of this year.
Potential Surge for Ethereum
In the event of an Ethereum ETF approval, trading firm QCP Capital projected a significant upside for Ether, estimating a potential price increase of up to 60%. This added to the growing excitement and speculation surrounding the market.
As the decision on the Ethereum ETFs approached, the cryptocurrency market experienced heightened anticipation and volatility. Both Bitcoin and Ethereum faced crucial moments, with analysts and traders closely monitoring potential regulatory developments and their impacts on prices.
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