Ethereum ETF Decision Imminent; BTC Eyes $80K Target by May

Bitcoin hovered just below its previous all-time highs on May 23 as the countdown continued for a decision regarding spot Ethereum exchange-traded funds (ETFs). The price of Bitcoin appeared promising, bolstered by the anticipation surrounding the potential approval of these Ethereum ETFs by United States regulators—a significant shift from the more cautious outlook of a few weeks ago.

Data from Markets Pro and TradingView indicated that Bitcoin’s price remained above $69,000 despite having dipped below this mark twice the previous day. This ongoing optimism was not just limited to Bitcoin; altcoins also demonstrated upward momentum, driven by the news and analysis suggesting possible future targets, including an ambitious $80,000 for BTC/USD.

Michaël van de Poppe, the founder and CEO of the trading firm MNTrading, analyzed the current Bitcoin price movements on X (formerly known as Twitter). In his latest commentary, he suggested a potential test at around $67,500-68,000 before any further advance. His analysis highlighted the prevailing market sentiment of anticipation around the Ethereum ETF approval.

Popular market commentator BitQuant set his sights on $80,000 for Bitcoin in May, followed by a possible surge to $95,000 in the following month. He noted that while this local peak could extend into June, a sharp correction from that high was also expected within the same month. According to BitQuant, this forecast maintains the broader timeline for achieving a local top intact.

In a more detailed discussion, BitQuant, who had accurately predicted new all-time Bitcoin highs before the recent block subsidy halving, provided a tentative deadline of Q3 this year for reaching a “global top” for Bitcoin. This fits within the broader narrative of ongoing bullish sentiment and expectations of significant price movements contingent on regulatory decisions.

On the Ethereum front, trading firm QCP Capital speculated on Ether’s price action should the ETF receive approval. They estimated a 60% upside potential, translating to a target price of approximately $6,000. This projection was based on Bitcoin’s performance after its spot ETF approval earlier in January.

Popular trader Jelle also chimed in on the Ethereum ETF discussion. He expressed a belief that the charts were already reflecting a positive outcome for Ether bulls. In an X post, he mentioned that the ETF decision announcement later that afternoon appeared to be favorably priced into the market sentiment.

The heightened anticipation for the ETF decision underscores the integral role regulatory developments play in market dynamics. Ethereum’s potential ETF approval is seen as a pivotal moment that could significantly influence both Bitcoin and Ether, reinforcing their positions in the market and possibly driving them to new highs.

The official announcement regarding the ETF decision is expected around 8:30 pm UTC, marking a critical point for investors and traders alike as they brace for the outcome and its subsequent impact on the cryptocurrency markets.