LUCKNOW (CoinChapter.com) — With just hours remaining until the pivotal decision on a spot Ethereum exchange-traded fund (ETF), traders expect volatility will grip the markets. The decision may have a significant impact, particularly on Bitcoin (BTC) and Ethereum (ETH) prices.
As the clock ticks down, Bitcoin is trading near its all-time highs. After a couple of dips the previous day, the price is currently hovering around $69,000.
Bitcoin Price Eyes $80K
The air is thick with growing expectations that U.S. regulators will green-light the Ethereum ETF products – a turnaround from the skepticism that prevailed just weeks ago.
These newfound hopes have injected fresh upside momentum into the cryptocurrency markets. Analysts are setting their sights on ambitious price targets, including a potential $80,000 for Bitcoin in May.
Echoing the bullish sentiment, the popular commentator BitQuant has set his sights on $80,000 for Bitcoin in May ahead of the Ethereum ETF decision. He also expects Bitcoin price to reach $95,000 in June.
BitQuant had already accurately forecasted Bitcoin’s surge to fresh all-time highs ahead of last month’s halving event. He has now set his sights on the third quarter of 2023 as the potential timeframe for the cryptocurrency market to reach a “global top.”
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Ethereum Price Could Soar 60% on ETF Approval
While Bitcoin is basking in the spotlight, the real star of the show is Ethereum. If the ETH ETF is approved, trading firm QCP Capital sees a 60% upside potential for Ether’s price, putting the target at approximately $6,000.
This projection is based on Bitcoin’s performance in the months following the approval of its own U.S. spot ETF in January. The wave of institutional investment and mainstream adoption pushed Bitcoin price high at that time.
As the Ethereum ETF decision nears, cryptocurrency traders and investors are bracing for the potential impact on the markets. Popular trader Jelle is among the many who assumes that the odds favor Ether bulls on this pivotal day.
The Ethereum ETF decision announcement will come around 8.30 pm UTC.
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