Bitcoin (BTC) hovered near its previous all-time highs on May 23 as the deadline for a decision on Ethereum (ETH) exchange-traded funds (ETFs) approached.
BTC price targets received a boost from Ethereum, with data from Cointelegraph Markets Pro and TradingView showing BTC’s price above $69,000 after experiencing two dips the previous day.
There was a sense of anticipation in the markets as expectations grew for the approval of Ethereum ETF products by United States regulators. This is a significant turnaround from just a few weeks ago.
Bitcoin and altcoins experienced fresh upside potential, with potential targets including $80,000 for BTC/USD, according to Michaël van de Poppe, founder and CEO of trading firm MNTrading.
BitQuant, a popular commentator, also predicted a topside trend, with expectations of $80,000 in May followed by a local top of $95,000 in June. However, BitQuant noted that the decline from this local top would also occur in June, maintaining the overall timeline.
Traders anticipated a potential price of $6,000 for ETH in the event of an ETF approval, representing a 60% increase from the current spot price. Trading firm QCP Capital expressed confidence in an approval, expecting trading to begin as early as next week.
The decision on the ETF is expected to be announced around 8:30 pm UTC.
Please note that this article does not provide investment advice or recommendations. Readers should conduct their own research and make their own decisions regarding investments and trading.