The cryptocurrency markets are on edge as a crucial decision regarding spot Ethereum exchange-traded funds (ETFs) is expected within hours. Bitcoin is trading near its previous all-time highs, currently priced above $69,000, following two brief dips.
Market Anticipation and Price Predictions
Market sentiment is charged with anticipation as expectations grow for U.S. regulators to approve Ethereum ETF products. This optimism has bolstered both Bitcoin and altcoin prices, with some analysts setting ambitious targets. According to Cointelegraph, Bitcoin could reach $80,000, driven in part by the potential ETF approval.
BTC/USD 1-hour chart. Source: TradingView
Michaël van de Poppe, founder and CEO of trading firm MNTrading, highlighted the current price action, predicting a test of $67,500 to $68,000 before further upward movement. He noted that the market is closely watching the ETF decision.
Popular commentator BitQuant has set an even higher target, predicting Bitcoin could hit $80,000 in May, followed by a peak of $95,000 in June. He anticipates a sharp decline after this local top but maintains that the timeline for reaching these highs remains unchanged.
Ethereum’s Potential Surge
Ethereum traders are also eyeing significant gains. Trading firm QCP Capital estimates a potential 60% rise in Ethereum’s price if the ETF is approved, suggesting a target of around $6,000. This projection is based on Bitcoin’s performance following its spot ETF approval in January.
ETF decision announcement is expected around 8:30 pm UTC, and the markets are poised for significant volatility in response to the outcome.
Popular trader Jelle shared a similar sentiment, indicating confidence in a positive outcome for Ethereum. “ETF decision this afternoon, but the chart looks like it knows the outcome. Higher,” he wrote.
The ETF decision is expected to be announced around 8.30 pm UTC, with the cryptocurrency market bracing for potential volatility. Both Bitcoin and Ethereum could see substantial price movements, contingent on the regulatory outcome.
