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Bitcoin, on May 23, approached the decision on Ethereum ETF funds, hiding near all-time highs. Data from TradingView showed Bitcoin price above $69,000 after falling below two previous days. Market sentiment turned optimistic as US regulators were expected to approve Ethereum ETF products, a sharp reversal from just weeks ago.
Interest in Bitcoin Continues
BTC/USD pair targets, including $80,000, attract investors‘ attention. This optimistic phase could open new bullish paths for both Bitcoin and altcoins. MNTrading founder and CEO Michael van de Poppe commented in his latest analysis:
“Bitcoin has very clean price action. I expect a test at $67,500 – $68,000 before continuing. Everything awaits the potential approval of an Ethereum ETF fund.”
Popular commentator BitQuant, maintaining the upward theme, targeted $80,000 in May before reaching a local peak of $95,000 next month. In a recent post, BitQuant commented:
”Yes, $95,000 will extend into June, but the sharp drop at this local peak will also occur in June, so the overall timeline for this local peak has not changed.”
In a subsequent discussion, BitQuant, predicting Bitcoin would reach new all-time highs before last month’s block subsidy halving, set the third quarter of this year as the deadline for a global peak.
What’s Happening on the Ethereum Front?
Considering where Ethereum price action could go upon approval, trading firm QCP Capital set the bullish potential at 60%. In a recent update to Telegram channel subscribers, they shared:
“We think an approval is now highly likely, with trading expected as early as next week.”
The target of approximately $6,000, 60% higher than the current spot price, was based on Bitcoin’s performance in the months following the US spot ETF launch in January. Meanwhile, popular trader Jelle, one of many assuming the stars would align for Ethereum bulls that day, commented:
“The ETF decision is this afternoon, but the chart seems to know the outcome.”
