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

Bitcoin (BTC) marched to 17-month highs connected Oct. 24 arsenic exchange-traded money (ETF) excitement boosted already bullish BTC terms action.

BTC/USD 1-day chart. Source: TradingView

Bitcoin ETF information listing hints astatine "time to shine"

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting $35,198 connected Bitstamp earlier consolidating.

This represented 17% gains since the anterior play adjacent and Bitcoin’s highest levels since May 2022.

While backmost beneath $34,000 astatine the clip of writing, the temper astir the largest cryptocurrency was distinctly optimistic arsenic statement swirled implicit the potential launch of a Bitcoin spot terms ETF successful the United States.

Long successful the making, appetite for a motorboat — held backmost for years by U.S. regulators — was palpable aft information for the iShares Spot Bitcoin ETF appeared connected the website of the Depository Trust & Clearing Corporation, oregon DTCC, liable for clearing NASDAQ trades.

While nary authoritative greenish airy has yet been given, the lawsuit is progressively viewed arsenic a substance of time.

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

As portion of the response, nationalist Bitcoin ETF worldwide saw the equivalent of 10% of the year-to-date full successful inflows implicit a azygous 24-hour period, per data from Bloomberg.

“An SEC support of the ETF would apt mean that galore different Bitcoin ETF approvals are coming,” fiscal commentary assets The Kobeissi Letter meantime wrote successful portion of its ain coverage.

Kobeissi noted that with the latest move, BTC/USD was up 107% year-to-date, adding $300 cardinal successful marketplace cap.

“As geopolitical tensions worsen, Bitcoin is besides being viewed arsenic a harmless haven asset,” it concluded.

“Is Bitcoin yet getting its clip to shine?”

BTC terms taps past upside CME futures gap

Considering the prospects for BTC terms going forward, a funny disconnect was evident betwixt traders and marketplace trajectory.

Related: BTC terms nears 2023 highs — 5 things to cognize successful Bitcoin this week

Despite the highs, fashionable marketplace participants connected societal media were highly cautious — and immoderate conspicuously bearish.

Among them was fashionable trading relationship Ninja, which warned that nary further CME Group Bitcoin futures gaps remained supra spot terms — lone below.

— Ninja (@Ninjascalp) October 23, 2023

As Cointelegraph reported previously, $20,000 inactive constitutes a fashionable downside target, this an important intelligence bound arsenic good arsenic being location to a CME gap.

CME Bitcoin futures illustration with spread highlighted. Source: TradingView

Meanwhile, others took profit, including expert and Maartunn, a contributor to on-chain analytics level CryptoQuant.

“This caller terms question reflects the agony of those who HAD to buy, and I'm taking this accidental to offload my holdings,” helium wrote successful portion of an X post.

Trader Skew covered bid publication changes connected the mode up, with marketplace makers (MMs) selling into buyers.

— Skew Δ (@52kskew) October 24, 2023

“If $BTC moves into the mid 30K's, we person officially beforehand tally the ETF support and I wouldn't beryllium amazed if it becomes a merchantability the quality event,” chap trader and expert Crypto Chase continued.

“Perhaps not the time of the announcement, but not excessively acold aft each the participants who waited for the authoritative announcement heap in.”

Filbfilb, co-founder of trading suite Decentrader, appeared to uncertainty the thought that the latest gains differed successful quality to different bouts of upside from 2023.

*It's antithetic this time* said the mediocre man. pic.twitter.com/RgMxm65dqI

— filbfilb (@filbfilb) October 23, 2023

In accompanying X comments, helium suggested that Q1 2024 could spot Bitcoin "nuke" lower, based connected the timing of erstwhile terms cycles.

This nonfiction does not incorporate concern proposal oregon recommendations. Every concern and trading determination involves risk, and readers should behaviour their ain probe erstwhile making a decision.