Oct 24, 2023

Bearish $20K BTC Price Targets Unshaken by Bitcoin ETF Hype

Bitcoin ETF hype fails to shake bearish $20K BTC price targets, Elon Musk Crypto, and other Crypto Death news.
Bitcoin ETF hype fails to shake bearish $20K BTC price targets

Excitement over potential exchange-traded funds (ETFs) has pushed the Bitcoin (BTC) price to 17-month highs on Oct. 24, adding to the already bullish sentiment in the crypto market.

The crypto space has been abuzz with news of Elon Musk’s involvement in the crypto market, with speculation of a possible “Elon Crypto” or “Elon Musk Crypto” making the rounds. Meanwhile, the latest reports suggest that the world’s most popular cryptocurrency, Bitcoin, is set to receive its own app, called D2T Crypto, as well as a crypto stock, Gala Crypto.

Despite these positive developments, some have predicted the “death of crypto,” and the future of the industry remains uncertain. Nevertheless, the latest surge in Bitcoin prices shows that investors remain optimistic about the future of cryptocurrencies.

Bitcoin ETF data listing hints at “time to shine” for Elon Musk Crypto

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

This represented 17% gains since the prior weekly close and Bitcoin’s highest levels since May 2022.

While back below $34,000 at the time of writing, the mood around the largest cryptocurrency was distinctly optimistic as debate swirled over the potential launch of a Bitcoin spot price ETF in the United States.

Long in the making, appetite for a launch — held back for years by U.S. regulators — was palpable after data for the iShares Spot Bitcoin ETF appeared on the website of the Depository Trust & Clearing Corporation, or DTCC, responsible for clearing Nasdaq trades.

While no official green light has yet been given, the event is increasingly viewed as a matter of time.

As part of the response, public Bitcoin ETFs worldwide saw the equivalent of 10% of the year-to-date total in inflows over a single 24-hour period, per data from Bloomberg.

“An SEC approval of the ETF would likely mean that many other Bitcoin ETF approvals are coming,” financial commentary resource The Kobeissi Letter, meanwhile, wrote in part of its coverage about Elon Musk Crypto.

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

“As geopolitical tensions worsen, Bitcoin is also being viewed as a safe haven asset,” it concluded, hinting that now may be the time to shine for Gala Crypto Today.

BTC price taps last upside CME futures gap

Considering the prospects for BTC price going forward, a curious disconnect was apparent between traders and market trajectory, despite the highs.

Popular market participants on social media, such as the trading account Ninja, were highly cautious — and some conspicuously bearish — as they warned that no further CME Group Bitcoin futures gaps remained above spot price — only below.

As Cointelegraph reported previously, $20,000 still constitutes a popular downside target, an important psychological boundary, as well as being home to a CME gap.

Meanwhile, others took profit, including analysts and Maartunn, a contributor to the CryptoQuant on-chain analytics platform. “This recent price movement reflects the agony of those who HAD to buy, and I’m taking this opportunity to offload my holdings,” he wrote in part of an X post.

Trader Skew covered order book changes on the way up, with market makers (MMs) selling into buyers. “If BTC moves into the mid 30K’s, we have officially front run the ETF approval and I wouldn’t be surprised if it becomes a sell the news event,” fellow trader and analyst Crypto Chase continued.

Filbfilb, co-founder of the DecenTrader trading suite, appeared to doubt the idea that the latest gala crypto today differed in character from other bouts of upside in 2023. In accompanying X comments, he suggested that Q1 2024 could see Bitcoin “nuke” lower, based on the timing of previous price cycles.

Share this article