Bitcoin, with concerns about the $4.3 billion fine imposed on <a href="https://en.coin-turk.com/secs-asset-freeze-request-to-binance-could-deepen-crypto-market-fears/”>Binance by the US Department of Justice being resolved, targeted the $38,000 level on November 23. The volatility during this period created fear and concern, leading to significant liquidations in the futures market. So, what can we expect for the price of Bitcoin in the near future? Let’s explore together.
Why is Bitcoin Rising?
Data from TradingView shows that the price of Bitcoin has made a notable comeback, reaching $37,870. Following this development, as the upward momentum decreased, the price held around $37,500, and investor behaviors showed a significant difference compared to 24 hours earlier.
After these developments, concerns regarding the United States taking legal action against Binance resulted in a series of long liquidations ending at the lowest levels in just one week.
However, this rise was equally impressive, surprising some market investors with high participation intensity. Popular investor Ninja shared his thoughts with his followers on X:
“I haven’t seen such aggressive participation in a while. Something is happening.”
Eyes on the Bitcoin ETF Process
With these developments, another topic that attracts investors’ attention is the potential approval process for the Bitcoin exchange-traded fund (ETF) in less than 50 days. The developments on the Binance side might have provided a suitable ground for the long-awaited institutional investment product to receive its first US approval.
Investor Pentoshi, analyzing the process, also agreed with these thoughts and suggested that an upward process could occur for the price of Bitcoin due to the demand stemming from the ETF. Regardless of price movements, he added that the approval would initiate a significant process that could last for decades.
Additionally, Samson Mow, the CEO of Bitcoin investment firm JAN3, renewed his $1 million price prediction for Bitcoin, citing new institutional capital inflows despite the ongoing developments:
“I noticed that there are some Bitcoin investors who do not believe that Bitcoin can reach $1,000,000 in a few days or weeks after ETF investments begin. They are in for a pleasant surprise.”
