According to Cointelegraph: As 2023 drew to a close, BTC/USD hovered around $42,500 amidst "interesting" BTC price behavior and increased speculation regarding the potential approval of the first U.S. spot price exchange-traded fund (ETF) for Bitcoin.
Popular trader Crypto Chase expects Bitcoin to seek approximately $40.5K in a downtrend ahead of a possible ETF approval. A positive ETF decision could drive prices towards $46,000, whereas a rejection could see prices tumble to $36,000.
WhalePanda, another social media commentator, suggested a similar outcome, predicting a price spike to approximately $50,000 upon ETF approval, followed by a sell-off if the ETF launch is delayed. According to his theory, steady growth in Bitcoin could lead to the cryptocurrency breaking the $70K barrier by April-May 2024, culminating in year-end prices of $100K-$120K.
Despite bullish predictions, results remained uncertain as Adam Back, CEO of blockchain startup Blockstream, argued that the Bitcoin ETF was not yet priced into the market. By the end of Q4 in 2023, BTC/USD was up nearly 60% for that quarter and around 160% for the year.
Additionally, Michaël van de Poppe, founder and CEO of MN Trading, projected that Ethereum might outperform Bitcoin in 2024. The total market capitalization of cryptocurrency rose from $1T to $1.62T in 2023, and 2024 is anticipated to be a shining year for altcoins. Van de Poppe urged investors to "Enjoy the ride!"
