Bitcoin (BTC) lurked near its May 23 all-time high following a decision on the Ethereum (ETH) exchange-traded fund (ETF).
BTC price target gets Ethereum boost.
Data from Cointelegraph Markets Pro and TradingView showed BTC price hovering above $69,000 after falling twice from the previous day.
Excitement spread through the market as US regulators approved the Ethereum ETF product. This was a sharp reversal from just a few weeks ago.
These hopes have been accompanied by fresh gains for both Bitcoin and altcoins, with Cointelegraph reporting potential targets including $80,000 for BTC/USD.
“Very clean price action for $BTC,” Michaël van de Poppe, founder and CEO of trading firm MNTrading, wrote in a recent analysis on X (formerly Twitter).
“We expect a test of $67,500-68,000 before continuing. All looking forward to approval of a potential Ethereum ETF.”
Continuing the top theme, popular commentator BitQuant is eyeing $80,000 in May ahead of a local high of $95,000 next month.
“Yes, the $95,000 will be extended into June, but the sharp decline in this local high will also occur in June, so the overall schedule for this local high has not changed,” reads part of his latest X post.
In a follow-up discussion, BitQuant, which specifically predicted that Bitcoin would hit an all-time high before the block subsidy was halved last month, suggested the third quarter of this year as the deadline for a “global normal.”
Traders see ETH price at $6,000 with ETF acceptance.
Considering where Ethereum price action could head upon approval, trading firm QCP Capital set the upside potential at 60%.
Related: ETF Buys 3X New BTC Supply — 5 Things to Know in Bitcoin This Week
“We believe approval is very likely, with a transaction expected as early as next week,” he wrote as part of the latest update to his Telegram channel subscribers.
The target, which is 60% higher than the current spot price (around $6,000), is based on Bitcoin’s performance in the months following the launch of the US spot ETF in January.
Meanwhile, popular trader Jelle was one of many who assumed the stars would align for Ether strength that day.
“The ETF decision came out this afternoon, but the charts seem to know the outcome: higher,” he wrote in part of an X post on the topic.
The ETF decision announcement is expected to be made around 8:30 PM UTC.
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.