Bitcoin ETF hype fails to shake bearish $20K BTC price targets


Bitcoin (BTC) marched to 17-month highs on Oct. 24 as exchange-traded fund (ETF) pleasure boosted already bullish BTC price motion.

BTC/USD 1-day chart. Source: TradingView

Bitcoin ETF information itemizing hints at “time to shine”

Data from Cointelegraph Markets Pro and TradingView confirmed BTC/USD hitting $35,198 on Bitstamp earlier than consolidating.

This represented 17% positive factors for the reason that prior weekly shut and Bitcoin’s highest ranges since May 2022.

While again under $34,000 on the time of writing, the temper across the largest cryptocurrency was distinctly optimistic as debate swirled over the potential launch of a Bitcoin spot price ETF within the United States.

Long within the making, urge for food for a launch — held again for years by U.S. regulators — was palpable after information for the iShares Spot Bitcoin ETF appeared on the web site of the Depository Trust & Clearing Corporation, or DTCC, liable for clearing Nasdaq trades.

While no official inexperienced gentle has but been given, the occasion is more and more seen as a matter of time.

As a part of the response, public Bitcoin ETFs worldwide noticed the equal of 10% of the year-to-date complete in inflows over a single 24-hour interval, per data from Bloomberg.

“An SEC approval of the ETF would likely mean that many other Bitcoin ETF approvals are coming,” monetary commentary useful resource The Kobeissi Letter, in the meantime, wrote in a part of its personal protection.

Kobeissi famous that with the newest transfer, BTC/USD was up 107% year-to-date, including $300 billion in market cap.

“As geopolitical tensions worsen, Bitcoin is also being viewed as a safe haven asset,” it concluded.

“Is Bitcoin finally getting its time to shine?”

BTC price faucets final upside CME futures hole

Considering the prospects for BTC price going ahead, a curious disconnect was obvious between merchants and market trajectory.

Related: BTC price nears 2023 highs — 5 things to know in Bitcoin this week

Despite the highs, widespread market members on social media have been highly cautious — and a few conspicuously bearish.

Among them was widespread buying and selling account Ninja, which warned that no additional CME Group Bitcoin futures gaps remained above spot price — solely under.

As Cointelegraph reported previously, $20,000 nonetheless constitutes a preferred draw back goal, an essential psychological boundary, in addition to being dwelling to a CME hole.

CME Bitcoin futures chart with hole highlighted. Source: TradingView

Meanwhile, others took revenue, together with analysts and Maartunn, a contributor to on-chain analytics platform CryptoQuant.

“This recent price movement reflects the agony of those who HAD to buy, and I’m taking this opportunity to offload my holdings,” he wrote in a part of an X post.

Trader Skew coated order guide modifications on the best way up, with market makers (MMs) promoting into patrons.

“If BTC moves into the mid 30K’s, we have officially front run the ETF approval and I wouldn’t be surprised if it becomes a sell the news event,” fellow dealer and analyst Crypto Chase continued.

“Perhaps not the day of the announcement, but not too far after all the participants who waited for the official announcement pile in.”

Filbfilb, co-founder of buying and selling suite DecenTrader, appeared to doubt the concept that the newest positive factors differed in character from different bouts of upside in 2023.

In accompanying X feedback, he suggested that Q1 2024 might see Bitcoin “nuke” decrease, based mostly on the timing of earlier price cycles.

This article doesn’t comprise funding recommendation or suggestions. Every funding and buying and selling transfer entails danger, and readers ought to conduct their very own analysis when making a choice.