Although increasing enthusiasm is building around a spot exchange-traded fund (ETF), Bitcoin (BTC) may not reach the $40,000 mark.
In recent analysis, crypto market participants have started to question the extent to which the ETF narrative is truly bullish for BTC prices.
Trader: “Not sure” BTC price will reach $42,000
The news of the U.S.’s regulatory action against Binance, which is thought to involve a $4.3 billion fine and the removal of Changpeng Zhao, also known as CZ, as CEO, shook the crypto markets.
Bitcoin dropped to one-week lows, but soon recovered to its 18-month highs.
At the same time, some suggested that the enforcement action was taken to pave the way for the first U.S. Bitcoin spot ETF, which is expected to be approved in early January 2024.
However, not everyone believes that this will lead to a parabolic BTC price reaction. Popular trader Bitcoin Jack expressed his doubts in a recent X post, saying that BTC/USD may not even reach $42,000.
“I said 42k. Not sure we get there anymore,” he summarized on Nov. 21.
Bitcoin Jack pointed out that the news about Binance and ETF did not affect the market dynamics. He added that while support levels are “clean”, $30,000 may yet come back into play.
“Sometimes that what doesn’t happen is the tell,” he concluded.
One Bitcoin spot ETF, $1 million BTC?
As Cointelegraph reported, other recent forecasts are maintaining the low $30,000s as a retracement zone, in part thanks to the liquidity which remains there.
In his most recent social media survey, Filbfilb, co-founder of the trading suite DecenTrader, revealed almost a 50/50 split between respondents on whether Bitcoin would reach $40,000 or $33,000 first.
At the opposite extreme on the ETF issue, Samson Mow, CEO of Bitcoin adoption firm JAN3, had a different opinion.
In an X post on Nov. 23, he suggested that Bitcoin could not only hit $1,000,000 per coin as a result of the approval, but that hodlers were mistaken in predicting any lower figure.
“It has come to my attention that there are some Bitcoiners that don’t think Bitcoin can reach $1,000,000 in a matter of days/weeks after ETF money starts to flow in,” he wrote.
BTC/USD traded at $37,000 at the time of writing, per data from Cointelegraph Markets Pro and TradingView.
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