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) enjoyment improved currently bullish BTC rate action.BTC/ USD 1-day chart. Source: TradingViewBitcoin ETF information listing tips at “time to shine” Data from Cointelegraph Markets Pro and TradingView showed BTC/USD striking $35,198 on Bitstamp before consolidating.This represented 17% gains because the prior weekly close and Bitcoins highest levels because May 2022. As part of the response, public Bitcoin ETFs around the world saw the equivalent of 10% of the year-to-date overall in inflows over a single 24-hour duration, per data from Bloomberg.” An SEC approval of the ETF would likely imply that numerous other Bitcoin ETF approvals are coming,” monetary commentary resource The Kobeissi Letter, on the other hand, composed in part of its own coverage.Kobeissi noted that with the latest move, BTC/USD was up 107% year-to-date, adding $300 billion in market cap.

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” If BTC moves into the mid 30Ks, we have formally front run the ETF approval and I would not be shocked if it ends up being a sell the news occasion,” fellow trader and expert Crypto Chase continued.” Perhaps not the day of the announcement, but not too far after all the participants who waited for the official statement stack in.” Filbfilb, co-founder of trading suite DecenTrader, appeared to doubt the concept that the newest gains varied in character from other bouts of benefit in 2023 * Its different this time * stated the pauper. pic.twitter.com/RgMxm65dqI— filbfilb (@filbfilb) October 23, 2023.

As Cointelegraph reported formerly, $20,000 still constitutes a popular disadvantage target, an essential mental border, as well as being home to a CME gap.CME Bitcoin futures chart with gap highlighted.$ BTC Coinbase Spotso with the TWAP buying obviously there requires to be liquidity at finest ask to help with such an area purchaser MMs are currently offering into this purchaser Orderbook wise theres a bit more ask liquidity being quoted towards $37K https://t.co/zx0i9hvhaA pic.twitter.com/oR3p9nJGUC— Skew Δ (@ 52kskew) October 24, 2023

In accompanying X remarks, he recommended that Q1 2024 could see Bitcoin “nuke” lower, based upon the timing of previous price cycles.This short article does not consist of investment recommendations or recommendations. Every financial investment and trading move includes danger, and readers need to conduct their own research when deciding.

As part of the response, public Bitcoin ETFs around the world saw the equivalent of 10% of the year-to-date overall in inflows over a single 24-hour period, per data from Bloomberg.” An SEC approval of the ETF would likely suggest that lots of other Bitcoin ETF approvals are coming,” financial commentary resource The Kobeissi Letter, meanwhile, wrote in part of its own coverage.Kobeissi kept in mind that with the most recent move, BTC/USD was up 107% year-to-date, including $300 billion in market cap.” As geopolitical tensions aggravate, Bitcoin is also being considered as a safe sanctuary property,” it concluded.” Is Bitcoin lastly getting its time to shine?” BTC price taps last upside CME futures gapConsidering the prospects for BTC price moving forward, a curious detach was apparent in between traders and market trajectory.Related: BTC price nears 2023 highs– 5 things to know in Bitcoin this weekDespite the highs, popular market participants on social networks were highly cautious– and some conspicuously bearish.Among them was popular trading account Ninja, which cautioned that no further CME Group Bitcoin futures gaps remained above spot cost– just below.With the wick near $36k, all CME spaces to the advantage have been filled.This only means one thing …$ 20k$ BTC pic.twitter.com/3t8vFp3E72— Ninja (@Ninjascalp) October 23, 2023

Bitcoin (BTC) marched to 17-month highs on Oct. 24 as exchange-traded fund (ETF) enjoyment increased currently bullish BTC rate action.BTC/ USD 1-day chart. Source: TradingViewBitcoin ETF data listing tips at “time to shine” Data from Cointelegraph Markets Pro and TradingView revealed BTC/USD hitting $35,198 on Bitstamp before consolidating.This represented 17% gains because the prior weekly close and Bitcoins greatest levels given that May 2022.- Spot ETF has 99% opportunity to be authorized.