Bitcoin (BTC) hovered near its previous all-time highs on May 23 as the market eagerly awaited a decision on Ethereum (ETH) exchange-traded funds (ETFs).
BTC price targets received a boost from Ethereum, with data from Cointelegraph Markets Pro and TradingView showing BTC price action above $69,000 after experiencing two dips the day before.
Market participants were filled with anticipation as expectations grew for the approval of Ethereum ETF products by United States regulators, which marked a significant turnaround from just a few weeks ago.
In light of the potential approval, Bitcoin and altcoins saw fresh upside, with potential targets for BTC/USD reaching $80,000.
Michaël van de Poppe, founder and CEO of trading firm MNTrading, commented on the clean price action of BTC and its potential for growth.
BitQuant, a popular commentator, also predicted positive price action for Bitcoin, with a target of $80,000 in May and a local top of $95,000 in June.
Looking ahead, BitQuant noted that while the local top may extend into June, a sharp decline is expected during that month. The commentator also gave a deadline of Q3 this year for a “global top.”
Traders speculated on the potential price of Ether if the ETFs were approved, with trading firm QCP Capital estimating a 60% upside potential. It noted that an approval was highly likely, with trading expected to begin as early as the following week.
Another trader, Jelle, expressed optimism for Ether bulls, anticipating a positive outcome for the ETF decision.
The ETF decision announcement was expected to be made around 8:30 pm UTC.
It’s important to note that this article does not provide investment advice or recommendations. Readers should conduct their own research and assessment of risks before making any investment or trading decisions.