Bitcoin Could Approach $50,000 Level 'This Month Or Next,' Says Analyst As Investors Await ETF Approval
Portfolio Pulse from Rounak Jain
Bitcoin (BTC) is expected to approach the $50,000 level soon, according to analysts Rachel Lin and Michaël van de Poppe, despite a recent pullback and the SEC's delay in approving spot Bitcoin ETFs. Lin notes a strong bullish bias in the options market, with a call to put ratio of two to one. Van de Poppe views the SEC's engagement with ETF applicants as a positive sign, suggesting momentum and hype could return in December, potentially coinciding with ETF approvals.
November 18, 2023 | 4:25 am
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Bitcoin is anticipated to reach $50,000 in the short term, with strong bullish sentiment in the options market and positive expectations for ETF approvals.
The article suggests a strong bullish sentiment among investors, with a high call to put ratio indicating expectations of a price increase. The anticipation of ETF approvals adds to the positive outlook, which could lead to increased demand and higher prices for Bitcoin in the short term.
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IMPORTANCE 90
RELEVANCE 100