{"id":14186,"date":"2023-11-23T17:57:58","date_gmt":"2023-11-23T17:57:58","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=14186"},"modified":"2023-11-23T17:57:59","modified_gmt":"2023-11-23T17:57:59","slug":"bitcoin-to-1m-post-etf-approval-btc-price-predictions-diverge-wildly","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=14186","title":{"rendered":"Bitcoin to $1M post-ETF approval? BTC price predictions diverge wildly"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) may not see a $40,000 BTC price reclaim despite increasing excitement over a spot exchange-traded fund (ETF).<\/p>\n<p>In recent analysis, crypto market participants have started to reconsider just how bullish the ETF narrative really is for BTC price action.<\/p>\n<h2>Trader: &#8220;Not sure&#8221; BTC price will reach $42,000<\/h2>\n<p>The dust continues to settle on the U.S. versus Binance regulatory bombshell, which is thought to involve a $4.3 billion fine and the removal of Changpeng Zhao, also known as CZ, as CEO.<\/p>\n<p>Bitcoin sank to one-week lows on the news, but a swift rebound took it back to near 18-month highs with the following 24 hours.<\/p>\n<p>At the same time, commentators began to suggest that the enforcement action was a timely move to pave the way for the first U.S. Bitcoin spot ETF.<\/p>\n<p>Long expected to form a watershed moment for crypto, the approval \u2014 while far from guaranteed \u2014 is slated to come in early January 2024.<\/p>\n<p>Nonetheless, not everyone sees a snap BTC price parabolic reaction coming as a result. Among them is popular trader Bitcoin Jack, who in a recent X post cast doubt on BTC\/USD even hitting $42,000.<\/p>\n<p>\u201cI said 42k. Not sure we get there anymore,\u201d he summarized on Nov. 21.<\/p>\n<p>Bitcoin Jack explained that the week\u2019s Binance and ETF news stories had failed to reshape market dynamics.<\/p>\n<p>\u201cExpected any rumour on a Binance vs US resolution to be more bullish than price reflects (reasons: positive for ETF, less uncertainty for investors if there is a resolution), on top of the generally bullish headlines last weeks (minus Kraken, though much of it is more of the same earlier crackdown language recycled),\u201d he continued.<\/p>\n<p>Introducing potential downside targets, he noted that while support levels are \u201cclean,\u201d $30,000 may yet come back into play.<\/p>\n<p>\u201cSometimes that what doesn\u2019t happen is the tell,\u201d he concluded.<\/p>\n<p>\u201cHTF supports below are clean buy level if it comes. Potential top here or another leg to 42, support around 29-31.\u201d<\/p>\n<h2>One Bitcoin spot ETF, $1 million BTC?<\/h2>\n<p>As Cointelegraph reported, other recent forecasts are maintaining the low $30,000s as a retracement zone, in part thanks to liquidity which remains there.<\/p>\n<p><strong><em>Related: Bitcoin ETF hype returns as \u2018aggressive bid\u2019 sends BTC price near $38K<\/em><\/strong><\/p>\n<p>In his most recent social media survey, Filbfilb, co-founder of trading suite DecenTrader, discovered almost a 50\/50 split between respondents on whether Bitcoin would hit $40,000 or $33,000 first.<\/p>\n<p lang=\"en\" dir=\"ltr\">Its that time again:<\/p>\n<p>BTC at $37k now.. which is more likely to come first?<\/p>\n<p>\u2014 filbfilb (@filbfilb) November 22, 2023<\/p>\n<p>At the opposite extreme on the ETF issue, meanwhile, is Samson Mow, CEO of Bitcoin adoption firm JAN3.<\/p>\n<p>In an X post on Nov. 23, he suggested that Bitcoin could not only hit $1,000,000 per coin as a result of the approval, but that hodlers were mistaken in predicting any less.<\/p>\n<p>\u201cIt has come to my attention that there are some Bitcoiners that don\u2019t think Bitcoin can reach $1,000,000 in a matter of days\/weeks after ETF money starts to flow in,\u201d he wrote. <\/p>\n<p>\u201cThey\u2019re in for a pleasant surprise.\u201d<em>BTC\/USD 1-hour chart. Source: TradingView<\/em><\/p>\n<p>BTC\/USD traded at $37,000 at the time of writing, per data from Cointelegraph Markets Pro and TradingView.<\/p>\n<p class=\"post-content__disclaimer\">This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-1m-post-etf-approval-btc-price-predictions\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) may not see a $40,000 BTC price reclaim despite increasing excitement over a spot exchange-traded fund (ETF). In recent analysis, crypto market participants have started to reconsider just how bullish the ETF narrative really is for BTC price action. Trader: &#8220;Not sure&#8221; BTC price will reach $42,000 The dust continues to settle on [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":14187,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-14186","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/14186","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=14186"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/14186\/revisions"}],"predecessor-version":[{"id":14188,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/14186\/revisions\/14188"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/14187"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14186"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14186"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14186"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}