According to Cointelegraph: Amid growing anticipation over a Bitcoin spot exchange-traded fund (ETF), there seems to be a diminishing confidence in short-term BTC price improvement, as Bitcoin struggles to reclaim the $40,000 mark. Market participants have begun to reassess the potential price impact of a Bitcoin ETF approval.
Despite the quick recovery of Bitcoin's price after substantial losses following regulatory actions against Binance, some commentators believe that the proceeding was well-timed to make way for the U.S. first Bitcoin spot ETF. However, its approval, potentially due in early January 2024, is far from certain.
Opinions diverge on an ETF approval impacting BTC price positively. Trader Bitcoin Jack, for instance, expressed doubts over BTC/USD topping $42,000, stating that the Binance news and ETF speculations have had little impact on the market. He also hinted at the possible reappearance of the $30,000 range due to robust support levels.
In contrast, Samson Mow, CEO of Bitcoin adoption firm Jan3, envisions Bitcoin surging to $1,000,000 per coin in response to ETF approval. In a recent X post, Mow expressed that Bitcoin holders forecasting lesser values are in for a surprise.
With BTC/USD trading at $37,000 at the time written, the crypto community remains split over Bitcoin's potential directional bias—$40,000 or $30,000.
