Trader Casts Doubt on $42,000 BTC Price
As excitement builds around the possibility of a Bitcoin spot exchange-traded fund (ETF), some market participants are beginning to question whether the ETF narrative will truly boost BTC price. Popular trader Bitcoin Jack recently expressed skepticism, stating that he is "not sure" if BTC will reach $42,000 as previously predicted. Despite recent news surrounding Binance and the ETF, market dynamics have remained unchanged, leading Bitcoin Jack to suggest that $30,000 could still be in play as a downside target.
Forecasts Point to Retracement Zone in Low $30,000s
Other analysts are also maintaining a retracement zone in the low $30,000s, citing existing liquidity in that range. In a recent survey, trading suite DecenTrader's co-founder Filbfilb found that respondents were evenly split between predicting whether Bitcoin would hit $40,000 or $33,000 first. Meanwhile, Samson Mow, CEO of Bitcoin adoption firm JAN3, takes an extreme bullish stance, suggesting that Bitcoin could reach $1 million per coin with the approval of the ETF.
Bitcoin is currently trading at $37,000.
Note: This article does not provide investment advice. Readers should conduct their own research and consider the risks involved before making any investment decisions.
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