Bitcoin‘s price surged above $69,000 on May 23, following a brief dip in the preceding days. Optimism flooded the market as U.S. regulators seemed poised to approve Ethereum ETF products, marking a significant shift from recent weeks.
Why Investors Are Focusing on Bitcoin?
The BTC/USD pair is drawing investor attention with targets set at $80,000, promising new bullish trajectories for both Bitcoin and other altcoins. Michael van de Poppe, founder and CEO of MNTrading, noted the currency’s clear price action and expects a test around $67,500-$68,000 before further advances.
Popular analyst BitQuant has maintained a bullish outlook, predicting that Bitcoin will hit $80,000 in May and possibly reach $95,000 by June, albeit expecting a sharp correction shortly after.
BitQuant also forecasted new all-time highs for Bitcoin before the block subsidy halving, with a global peak anticipated in the third quarter of this year.
What’s the Outlook for Ethereum?
On the Ethereum front, financial firm QCP Capital projects a 60% bullish potential contingent on ETF approval. They shared with their Telegram subscribers that such approval could come as soon as next week, with a target price of around $6,000 based on Bitcoin’s historical ETF performance.
Prominent trader Jelle echoed this sentiment, suggesting that the market is already anticipating the positive outcome of the Ethereum ETF decision slated for the same afternoon.
Key Investor Takeaways
• Bitcoin’s price could test $67,500-$68,000 before continuing its upward trend.
• Investors are targeting $80,000 in May and a possible high of $95,000 in June for Bitcoin.
• Ethereum has a bullish potential of 60% if the ETF is approved, targeting a price of $6,000.
• Ethereum’s performance could mirror Bitcoin’s post-ETF launch behavior.
With both Bitcoin and Ethereum showing promising trajectories, investors are keenly watching regulatory developments and market trends to strategize their next moves.
