{"id":24035,"date":"2023-10-24T07:59:06","date_gmt":"2023-10-24T07:59:06","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/bitcoin-etf-hype-fails-to-shake-bearish-20k-btc-price-targets\/"},"modified":"2023-10-24T07:59:09","modified_gmt":"2023-10-24T07:59:09","slug":"bitcoin-etf-hype-fails-to-shake-bearish-20k-btc-price-targets","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/bitcoin-etf-hype-fails-to-shake-bearish-20k-btc-price-targets\/","title":{"rendered":"Bitcoin ETF hype fails to shake bearish $20K BTC price targets"},"content":{"rendered":"
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Bitcoin (BTC) marched to 17-month highs on Oct. 24 as exchange-traded fund (ETF) excitement boosted already bullish BTC price action.<\/p>\n

BTC\/USD 1-day chart. Source: TradingView<\/em><\/figcaption><\/figure>\n

Bitcoin ETF data listing hints at \u201ctime to shine\u201d<\/h2>\n

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

This represented 17% gains since the prior weekly close and Bitcoin\u2019s highest levels since May 2022.<\/p>\n

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.<\/p>\n

Long in the making, appetite for a launch \u2014 held back for years by U.S. regulators \u2014 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.<\/p>\n

While no official green light has yet been given, the event is increasingly viewed as a matter of time. <\/p>\n

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Good morning<\/p>\n

– #Bitcoin<\/a> hits $35,000 overnight and reaches new yearly high.
– Spot ETF has 99% chance to be approved.
– Matter of time until altcoins will be picking up pace.<\/p>\n

Great times.<\/p>\n

\u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) October 24, 2023<\/a><\/p><\/blockquote>\n

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<\/a> from Bloomberg.<\/p>\n

\u201cAn SEC approval of the ETF would likely mean that many other Bitcoin ETF approvals are coming,\u201d financial commentary resource The Kobeissi Letter, meanwhile, wrote<\/a> in part of its own coverage.<\/p>\n

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

\u201cAs geopolitical tensions worsen, Bitcoin is also being viewed as a safe haven asset,\u201d it concluded.<\/p>\n

\u201cIs Bitcoin finally getting its time to shine?\u201d<\/p><\/blockquote>\n

BTC price taps last upside CME futures gap<\/h2>\n

Considering the prospects for BTC price going forward, a curious disconnect was apparent between traders and market trajectory.<\/p>\n

Related:\u00a0BTC price nears 2023 highs \u2014 5 things to know in Bitcoin this week<\/em><\/strong><\/p>\n

Despite the highs, popular market participants on social media were highly cautious \u2014 and some conspicuously bearish.<\/p>\n

Among them was popular trading account Ninja, which warned that no further CME Group Bitcoin futures gaps remained above spot price \u2014 only below.<\/p>\n

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With the wick near $36k, all CME gaps to the upside have been filled.<\/p>\n

This only means one thing…<\/p>\n

$20k$BTC<\/a> pic.twitter.com\/3t8vFp3E72<\/a><\/p>\n

\u2014 Ninja (@Ninjascalp) October 23, 2023<\/a><\/p><\/blockquote>\n

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.<\/p>\n

CME Bitcoin futures chart with gap highlighted. Source: TradingView<\/em><\/figcaption><\/figure>\n

Meanwhile, others took profit, including analysts and Maartunn, a contributor to on-chain analytics platform CryptoQuant.<\/p>\n

\u201cThis recent price movement reflects the agony of those who HAD to buy, and I\u2019m taking this opportunity to offload my holdings,\u201d he wrote in part of an X post<\/a>.<\/p>\n

Trader Skew covered order book changes on the way up, with market makers (MMs) selling into buyers.<\/p>\n

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$BTC<\/a> Coinbase Spot
so with the TWAP buying obviously there needs to be liquidity at best ask to facilitate such a spot buyer <\/p>\n

MMs are currently selling into this buyer <\/p>\n

Orderbook wise there’s a bit more ask liquidity being quoted towards $37K https:\/\/t.co\/zx0i9hvhaA pic.twitter.com\/oR3p9nJGUC<\/a><\/p>\n

\u2014 Skew \u0394 (@52kskew) October 24, 2023<\/a><\/p><\/blockquote>\n

\u201cIf BTC moves into the mid 30K\u2019s, we have officially front run the ETF approval and I wouldn\u2019t be surprised if it becomes a sell the news event,\u201d fellow trader and analyst Crypto Chase continued<\/a>.<\/p>\n

\u201cPerhaps not the day of the announcement, but not too far after all the participants who waited for the official announcement pile in.\u201d<\/p><\/blockquote>\n

Filbfilb, co-founder of trading suite DecenTrader, appeared to doubt the idea that the latest gains differed in character from other bouts of upside in 2023.<\/p>\n

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*It’s different this time* said the poor man. pic.twitter.com\/RgMxm65dqI<\/a><\/p>\n

\u2014 filbfilb (@filbfilb) October 23, 2023<\/a><\/p><\/blockquote>\n

In accompanying X comments, he suggested<\/a> that Q1 2024 could see Bitcoin \u201cnuke\u201d lower, based on the timing of previous price cycles.<\/p>\n

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<\/div>\n