Bitcoin ETF hype fails to shake bearish $20K BTC price targets

Bitcoin (BTC) marched to 17-month highs on Oct. 24 as exchange-traded fund (ETF) pleasure boosted already bullish BTC value motion.

Bitcoin ETF knowledge itemizing hints at “time to shine”

Information from Cointelegraph Markets Pro and TradingView confirmed BTC/USD hitting $35,198 on Bitstamp earlier than consolidating.

This represented 17% beneficial properties because the prior weekly shut and Bitcoin’s highest ranges since Might 2022.

Whereas again under $34,000 on the time of writing, the temper across the largest cryptocurrency was distinctly optimistic as debate swirled over the potential launch of a Bitcoin spot value ETF in the USA.

Lengthy within the making, urge for food for a launch — held again for years by U.S. regulators — was palpable after knowledge for the iShares Spot Bitcoin ETF appeared on the web site of the Depository Belief & Clearing Company, or DTCC, answerable for clearing Nasdaq trades.

Whereas no official inexperienced mild has but been given, the occasion is more and more seen as a matter of time.

Good morning

– #Bitcoin hits $35,000 in a single day and reaches new yearly excessive.
– Spot ETF has 99% probability to be accepted.
– Matter of time till altcoins might be selecting up tempo.

Nice instances.

— Michaël van de Poppe (@CryptoMichNL) October 24, 2023

As a part of the response, public Bitcoin ETFs worldwide noticed the equal of 10% of the year-to-date complete in inflows over a single 24-hour interval, per data from Bloomberg.

“An SEC approval of the ETF would doubtless imply that many different Bitcoin ETF approvals are coming,” monetary commentary useful resource The Kobeissi Letter, in the meantime, wrote in a part of its personal protection.

Kobeissi famous that with the newest transfer, BTC/USD was up 107% year-to-date, including $300 billion in market cap.

“As geopolitical tensions worsen, Bitcoin can also be being seen as a protected haven asset,” it concluded.

“Is Bitcoin lastly getting its time to shine?”

BTC value faucets final upside CME futures hole

Contemplating the prospects for BTC value going ahead, a curious disconnect was obvious between merchants and market trajectory.

Associated: BTC price nears 2023 highs — 5 things to know in Bitcoin this week

Regardless of the highs, standard market individuals on social media have been highly cautious — and a few conspicuously bearish.

Amongst them was standard buying and selling account Ninja, which warned that no additional CME Group Bitcoin futures gaps remained above spot value — solely under.

With the wick close to $36k, all CME gaps to the upside have been stuffed.

This solely means one factor…

$20k$BTC pic.twitter.com/3t8vFp3E72

— Ninja (@Ninjascalp) October 23, 2023

As Cointelegraph reported previously, $20,000 nonetheless constitutes a preferred draw back goal, an necessary psychological boundary, in addition to being house to a CME hole.

In the meantime, others took revenue, together with analysts and Maartunn, a contributor to on-chain analytics platform CryptoQuant.

“This current value motion displays the agony of those that HAD to purchase, and I’m taking this chance to dump my holdings,” he wrote in a part of an X post.

Dealer Skew lined order e-book modifications on the way in which up, with market makers (MMs) promoting into consumers.

$BTC Coinbase Spot
so with the TWAP shopping for clearly there must be liquidity at greatest ask to facilitate such a spot purchaser

MMs are at the moment promoting into this purchaser

Orderbook sensible there is a bit extra ask liquidity being quoted in direction of $37K https://t.co/zx0i9hvhaA pic.twitter.com/oR3p9nJGUC

— Skew Δ (@52kskew) October 24, 2023

“If BTC strikes into the mid 30K’s, we’ve got formally entrance run the ETF approval and I wouldn’t be stunned if it turns into a promote the information occasion,” fellow dealer and analyst Crypto Chase continued.

“Maybe not the day of the announcement, however not too far after all of the individuals who waited for the official announcement pile in.”

Filbfilb, co-founder of buying and selling suite DecenTrader, appeared to doubt the concept the newest beneficial properties differed in character from different bouts of upside in 2023.

*It is completely different this time* stated the poor man. pic.twitter.com/RgMxm65dqI

— filbfilb (@filbfilb) October 23, 2023

In accompanying X feedback, he suggested that Q1 2024 may see Bitcoin “nuke” decrease, primarily based on the timing of earlier value cycles.

This text doesn’t include funding recommendation or suggestions. Each funding and buying and selling transfer includes threat, and readers ought to conduct their very own analysis when making a call.