I expect Bitcoin to set a new all-time high by the weekend, surpassing the $73,798 level of March 14.
After setting a local low in early May, the uptrend continues, with BTC securing two clear resistance breakouts after last week’s weaker-than-expected CPI data.
The approval of an Ethereum spot exchange-traded fund (ETF) this week would further legitimize the crypto industry and therefore be bullish for Bitcoin.
The new optimism surrounding the potential approval of an Ethereum spot ETF this week gives more confidence in Bitcoin price targets of $150,000 by the end of 2024 and $200,000 by the end of 2025.
Lately, it’s been hard to go a week without some outrageous attacks on cryptocurrencies from Gensler, Warren, etc., and the SEC unexpectedly asked for accelerated updated filings, which they wouldn’t have done if they had already decided to reject them this week. The likelihood of approval has therefore risen dramatically, so this is definitely the most interesting headline to watch this week.
