Asgard

United

Bitcoin ETF

Bitcoin

Economist and <a href="https://coin-turk.com/ay-sonuna-kadar-ethereum-eth-fiyat-hedefi-yuzde-58-bolgesi-kritik" data-wpel-link="internal" rel="noopener noreferrer nofollow">crypto currency</a> analyst Alex Krüger expects the rise to continue with the possibility of a green light being given to a <a href="https://en.coin-turk.com/bitcoin-returns-to-27000-level-insights-and-predictions-for-the-cryptocurrency-future/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> exchange-traded fund (ETF) in the United States. According to the analyst, the largest cryptocurrency, Bitcoin (<a href="https://coin-turk.com/btc-yatirimcilarini-sevindiren-altcoin-yatirimcilarini-uzen-tahmin" data-wpel-link="internal" rel="noopener noreferrer nofollow">BTC</a>), will reach the critical level of $42,000 after the spot Bitcoin ETF is approved and starts trading.
Krüger, the <a href="https://newslinker.co/category/finance/" data-wpel-link="exclude" rel="noopener noreferrer nofollow">financial</a> advisory firm Asgard Markets published a new blog post stating that the largest crypto asset is expected to increase by over 24% when the spot Bitcoin ETF is launched. The blog post also mentioned that the U.S. Securities and Exchange Commission (SEC) is expected to approve an ETF by January 2024, triggering a major rally in Bitcoin. The post noted the following:
<blockquote>
 We believed that the ETF would be approved with a 50% probability and that the SEC would approve it by January 10 (exactly in January). We also expected the market to price in the approval about a month and a half ahead, but the pricing has already begun.
 Considering the significant movement last week, we believe it would make sense for <a href="https://en.coin-turk.com/bitcoin-and-crypto-experts-share-their-predictions-is-bitcoin-on-the-rise/" data-wpel-link="internal" rel="noopener noreferrer nofollow">BTC</a> to consolidate for a few days in the range of $30,000 to $32,000 before continuing its upward trend. Any drop towards $29,000 would create a buying opportunity. We also believe that on the day the ETF is approved, the market should see a 20% movement within the same day. When the ETF is launched (starts trading), we expect Bitcoin to reach $42,000.
</blockquote>
<img decoding="async" class="aligncenter size-full wp-image-270132" src="https://coin-turk.com/wp-content/uploads/2023/10/BTC-Bitcoin-Dolar.jpeg" alt="" width="1280" height="720">
<h2 style="text-align: justify" id="strong-significance-of-42-000-level-for-bitcoin-strong">Significance of $42,000 Level for Bitcoin</h2>
Krüger highlighted that the $42,000 threshold is an important Fibonacci retracement level and has also acted as a key level during China’s crypto ban in 2021:
<blockquote>
 I am a big fan of Fibonacci retracements and expansions, also known as astrology for men. $42,000 is not only an important Fibonacci retracement level for BTC, but also a level that played a key role during the China ban in 2021.
</blockquote> Continue Reading: <a href="https://en.coin-turk.com/bitcoin-price-could-reach-42000-with-the-launch-of-etf/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/bitcoin-price-could-reach-42000-with-the-launch-of-etf/</a>

Bitcoin Price Could Reach $42,000 with the Launch of ETF

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