Bitcoin targeted the $38,000 level on November 23rd with the resolution of concerns over the $4.3 billion fine imposed by the US Department of Justice on Binance. The fluctuations during this period created fear and concern by causing significant liquidations in the futures market. So, what can we expect for the price of Bitcoin in the near future?
According to TradingView data, the price of Bitcoin reached $37,870 by making a significant turnaround. Despite the decrease in upward momentum after this development, the price held around $37,500 and showed significant differences in investor behavior compared to the past 24 hours.
Following these developments, concerns about the possibility of the US taking legal action against Binance led to the end of long position liquidations, reaching the lowest level in a week.
However, this rise was quite impressive and surprised some market investors with intense participation. Popular investor Ninja shared his thoughts with his followers: “I haven’t seen such aggressive participation in a while. Something is happening.”
Another issue that caught the attention of investors is the possible approval process of the Bitcoin exchange-traded fund (ETF) in less than 50 days. The developments at Binance may provide a suitable ground for the first US approval of the long-awaited institutional investment product.
Analyzing the process, investor Pentoshi predicted a rise in the price of Bitcoin due to the demand arising from the ETF and added that the approval would initiate a significant process that could last for decades. Additionally, Samson Mow, CEO of Bitcoin investment firm JAN3, revised his $1 million price prediction for Bitcoin, considering the ongoing developments and taking into account new institutional capital inflows: “I noticed that some Bitcoin investors don’t believe that Bitcoin can reach $1,000,000 a few days or weeks after the start of ETF investments. They are in for a pleasant surprise.”