Anticipated Approval of Ethereum ETF Boosts Bitcoin’s Rally to $80K Target
In what is being hailed as a game-changing decision, the approval of a spot Ethereum exchange-traded fund (ETF) is expected to have a significant impact on the cryptocurrency market, specifically on Bitcoin (BTC) and Ethereum (ETH) prices. With the decision looming, Bitcoin is currently trading near its all-time highs, sitting at around $69,000 after experiencing a few minor dips.
The market sentiment has shifted dramatically, as U.S. regulators are now expected to green-light the Ethereum ETF products, a marked change from the skepticism that was prevalent just a few weeks ago. This newfound optimism has injected fresh momentum into the cryptocurrency markets, with analysts setting ambitious price targets, including a potential surge to $80,000 for Bitcoin in May.
BitQuant, a popular commentator in the crypto space, is echoing this bullish sentiment, predicting that Bitcoin will reach $80,000 in May and $95,000 in June. BitQuant accurately forecasted Bitcoin’s surge to new all-time highs before last month’s halving event and now believes that the cryptocurrency market may reach a “global top” in the third quarter of 2023.
While Bitcoin is grabbing the headlines, Ethereum is expected to be the real star of the show if the ETH ETF is approved. Trading firm QCP Capital sees a 60% upside potential for Ether’s price, projecting it to reach approximately $6,000. This projection is based on Bitcoin’s performance following the approval of its own U.S. spot ETF in January, which led to a wave of institutional investment and mainstream adoption.
As the decision on the Ethereum ETF draws near, cryptocurrency traders and investors are bracing themselves for the potential impact on the markets. Popular trader Jelle and many others believe that the odds are in favor of Ether bulls on this pivotal day.
The announcement regarding the Ethereum ETF decision is expected to be made around 8:30 pm UTC.