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.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100