The approval of an Ethereum ETF is expected to push Bitcoin towards its target of $80,000.
BitQuant analysts predict that the third quarter of 2023 could be the deadline for a “global top.”
If the ETF receives regulatory approval, Ethereum prices could surge by 60%.


Ethereum ETF Decision
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LUCKNOW (CoinChapter.com) - With only a few hours left before a key spot Ethereum exchange-traded fund (ETF) decision is announced, traders are expecting volatility in the market. The decision could have a significant impact on the prices of Bitcoin (BTC) and Ethereum (ETH).
As time goes by, Bitcoin is approaching its all-time high. After experiencing several declines in the previous day, the price is currently hovering around $69,000.


BTC/USD daily price chart. Source: TradingView
Bitcoin price targets $80,000
Expectations are growing that U.S. regulators will approve an Ethereum ETF product — a reversal from the skepticism that was prevalent just weeks ago.
These newfound hopes have injected fresh upward momentum into the cryptocurrency market, with analysts setting their sights on ambitious price targets, including a potential $80,000 for Bitcoin by May.


source:
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Echoing this bullish sentiment, well-known commentator BitQuant has set his sights on $80,000 for Bitcoin by May, ahead of the Ethereum ETF decision. He also expects the Bitcoin price to reach $95,000 by June.


source:
X
BitQuant, who accurately predicted Bitcoin’s run to a record high ahead of last month’s halving event, is now eyeing the third quarter of 2023 as a potential timeframe for the cryptocurrency market to reach a “global top.”
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Ethereum price could surge after ETF approval
While Bitcoin has received a lot of attention, the real star is Ethereum. If an Ethereum ETF is approved, trading firm QCP Capital expects Ethereum prices to rise by 60%, setting a target of around $6,000.
This prediction is based on Bitcoin’s performance in the months after it received approval for a U.S. spot ETF in January this year. The wave of institutional investment and mainstream adoption pushed up Bitcoin prices at the time.
As the Ethereum ETF decision approaches, cryptocurrency traders and investors are bracing for its potential impact on the market. Well-known trader Jelle is one of those who believes that today is a critical day for Ethereum bulls to win.


source:
X
The Ethereum ETF decision announcement will be released around 8:30 PM UTC.