BTC price targets $42K 2023 close as Bitcoin OG says ETF ‘not priced in’

Over the controversial ETF decision date, BTC price predictions diverge, with many Bitcoin traders anticipating a rebound from the initial rise.

Bitcoin tracked $42,500 into the 2023 yearly close as traders began to see “interesting” BTC price behavior.

Post-ETF BTC price drop targets include $36,000

Cointelegraph Markets Pro and TradingView data showed that BTC/USD remained stable during the last hours of the annual candle.

Subsequent to neglecting to get a breakout of its December exchanging range, Bitcoin remained worried for bulls in front of the critical regulative occasion to come right on time one month from now — the possible endorsement of the main US spot cost trade exchanged reserve (ETF).

Technically, H4 wants 40.5K IMO and is in a downtrend. In any case, so, ETF endorsement should draw near up to 14 days,” well known dealer Crypto Pursue wrote in piece of the day’s examination on X (previously Twitter).

Crypto Chase, who had previously made the decision to go short BTC at $43,000, predicted a maximum move of $46,000 in the event of a favorable decision regarding the ETF and a rapid rise of $36,000 in the event that the product was rejected.

Progressing forward with the subject, well known online entertainment observer WhalePanda in like manner saw the degree for restricted potential gain around the endorsement, with a retracement to follow.

“ETF endorsement spikes us to $50K-ish, then relying upon how long it requires for the ETFs to send off it will get selling going, perhaps to low $40k-ish in the event that it requires a month prior to they send off, don’t see us go underneath $38k,” he told X supporters.

“After that just a steady rise like a normal Bitcoin bull market passing $70k in April-May with some stalling in the summer and then end the year at around $100k-120k.”

The spot Bitcoin ETF continued to prove a divisive topic — Adam Back, CEO of blockchain startup Blockstream, repeatedly argued that it was “not priced in” to the market.

According to data from the statistics resource CoinGlass, BTC/USD was still up nearly 60% in the fourth quarter and approximately 160% so far this year.

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Analyst: Ether to “outperform” Bitcoin next year

In the meantime, traders were excited about the annual close when they examined trends in the short-timeframe order book.

Bid liquidity on U.S. exchange Coinbase had moved higher toward spot price, Skew and CredibleCrypto noted. Both suggested that this could trigger livelier trading conditions.

In the meantime, at the end of the year, MN Trading’s founder and CEO, Michal van de Poppe, predicted that altcoins would shine in 2024.

“The absolute market capitalization of Crypto energized from $1T to $1.62T. The vertical run is incredible yet is checking a possible top out. The region around $1.85T or $2.10T could be a region for solidification,” he summed up on Dec. 31.