BTC price forecasts widely differ post-ETF approval, with some predicting a surge to $1 million.
While Bitcoin ETF enthusiasm abounds, short-term morale for BTC prices is diminishing.
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Amid the heightened anticipation surrounding the potential approval of a Bitcoin ETF, the current state of the cryptocurrency market sees BTC trading at $37,305, struggling to reclaim the $40,000 threshold. Recent developments, such as the regulatory actions in the United States against Binance, including a substantial fine and the removal of Changpeng "CZ" Zhao as CEO, initially caused a dip in Bitcoin prices. However, a swift rebound followed, pushing BTC back to near 18-month highs within 24 hours.
Analysts and traders are carefully evaluating the impact of these regulatory developments on Bitcoin's future trajectory. While many see the enforcement actions as a strategic move to pave the way for the first U.S. spot Bitcoin ETF, not everyone is convinced of an immediate bullish response. Notably, Bitcoin Jack, a prominent trader, expressed skepticism about BTC reaching $42,000, citing that recent Binance and ETF-related news failed to reshape market dynamics as expected.
As discussions around the potential approval of a Bitcoin ETF continue, there is a divergence in predictions within the crypto community. Some analysts, like Filbfilb, co-founder of trading suite DecenTrader, maintain that the low $30,000s could serve as a retracement zone due to liquidity remaining in that range.
Meanwhile, at the more optimistic end of the spectrum, Samson Mow, CEO of Jan3, believes that not only could Bitcoin surge to $1 million per coin in the aftermath of ETF approval, but that those predicting anything less will be pleasantly surprised. The uncertain landscape leaves the cryptocurrency community eagerly awaiting further developments and regulatory decisions that could significantly influence Bitcoin's future price movements.
BTC/USD 1-hour chart. Source: TradingView
