The cryptocurrency market braces for a potentially volatile day as the long-awaited decision on Ether ETFs inches closer. Both Bitcoin and Ethereum prices are on edge, with analysts predicting significant swings based on the outcome.
Bitcoin Nears All-Time High in Anticipation
Bitcoin (BTC) currently sits near its all-time high, hovering above $69,000 after experiencing two dips below that level yesterday. This price action reflects the market’s anticipation of a green light for spot Ether ETFs from US regulators. Just weeks ago, this scenario seemed unlikely, but a recent shift in sentiment has ignited optimism.
Analysts Eye $80K for Bitcoin by May End
Fueled by the ETF hopes, both Bitcoin and altcoins are experiencing renewed bullish momentum. As reported by Cointelegraph, analysts are predicting potential price targets, including a staggering $80,000 for Bitcoin by the end of May.
Market Experts Fuel the Speculation
Trading experts are joining the chorus of bullish predictions. Michaël van de Poppe, founder of MNTrading, anticipates a test of $67,500-68,000 for Bitcoin before another upward push, highlighting the anticipation surrounding the ETF decision.
Popular commentator BitQuant, known for accurately predicting Bitcoin’s pre-halving surge, has also weighed in. They see Bitcoin potentially reaching $80,000 in May before hitting a local peak of $95,000 in June. Interestingly, BitQuant predicts a “global top” for Bitcoin by Q3 of this year.
Ether’s Potential Upward Trajectory
Trading firm QCP Capital believes Ether (ETH) could see a significant price increase upon ETF approval, estimating a potential upside of 60%. This prediction is based on Bitcoin’s performance following its own US ETF launch in January.
Eyes on the Prize: Ether Bulls Anticipate Positive Outcome
Popular trader Jelle represents the broader bullish sentiment among Ether investors. He believes the price charts are already hinting at a positive outcome for the ETF decision, potentially pushing prices even higher.
All Eyes on the Decision
The coming hours will be crucial for the cryptocurrency market. With the Ether ETF decision looming, volatility is expected. Will Bitcoin reach the ambitious $80,000 target by May end? And will Ether experience the predicted surge if the ETF gets approved? Only time will tell, but one thing is certain: the crypto market is poised for a day of intense action.
This information is not legal advice. Do your own research before making any decisions. Only invest what you can afford to lose and seek independent financial advice if needed. Understand the risks involved before purchasing any cryptoasset