Bitcoin (BTC) may not recover the price of $40,000 BTC despite growing enthusiasm for a spot exchange-traded fund (ETF).
In recent analysisCryptocurrency market participants have begun to reconsider how bullish the ETF narrative really is for BTC price action.
Trader: “Not sure” BTC price will reach $42,000
The dust continues to settle on the US versus Binance regulatory bombshell, which is believed 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 rapid rebound took it back to nearly 18-month highs in the next 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 Bitcoin spot ETF in the US.
The approval was expected to be a watershed moment for cryptocurrencies, although it is far from guaranteed, it is scheduled for early January 2024.
However, not everyone sees a rapid parabolic reaction of the BTC price as a result. Among them is popular Bitcoin trader Jack, who in a recent X post cast doubt on whether the BTC/USD pair will even reach $42,000.
“I said 42k. I’m not sure we’ll get there anymore,” she summarized on November 21.
Bitcoin Jack explained that the week’s news about Binance and ETFs had failed to reshape market dynamics.
“Any rumors about a resolution between Binance and the US were expected to be more bullish than the price reflects (reasons: positive for the ETF, less uncertainty for investors if there is a resolution), in addition to the generally bullish headlines of recent weeks (minus Kraken, though a lot. “It’s more of the same old repression language recycled),” he continued.
Laying out possible downside targets, he noted that while support levels are “clean,” $30,000 may still come back into play.
“Sometimes what doesn’t happen is the counting,” he concluded.
“The HTF supports below are a clean buy level if it comes. Maximum potential here or another stretch up to 42, support around 29-31”.
A Bitcoin Spot ETF, $1 Million BTC?
As Cointelegraph reported, other recent forecasts keep the low $30,000s as a retracement zone, thanks in part to the liquidity that remains there.
Related: Bitcoin ETF Hype Returns as ‘Aggressive Bidding’ Drives BTC Price Near $38,000
In his most recent social media survey, Filbfilb, co-founder of the DecenTrader trading suite, found a nearly 50/50 split among respondents on whether Bitcoin would reach $40,000 or $33,000 first.
It’s that moment again:
BTC at $37,000 now… which is most likely to come first?
-filbfilb (@filbfilb) November 22, 2023
Meanwhile, on the opposite end of the ETF issue is Samson Mow, CEO of Bitcoin adoption company JAN3.
in a x publication on November 23, suggested that not only could Bitcoin hit $1,000,000 per coin as a result of approval, but hodlers were wrong to predict less.
“It has come to my attention that there are some Bitcoiners who do not believe that Bitcoin can reach $1,000,000 in a matter of days/weeks after the ETF money starts flowing,” he wrote.
“They’ll be pleasantly surprised.”
BTC/USD was trading at $37,000 at the time of writing, according to data from Cointelegraph Markets Pro and TradingView.
This article does not contain investment advice or recommendations. Every investment and trading move involves risks, and readers should conduct their own research when making a decision.
