Bitcoin, Ethereum, Dogecoin Spike As BTC ETF Nod Hopes Reignite Ahead Of Thanksgiving: Analyst Sees Explosive Rebound For King Crypto

Major cryptocurrencies experienced a surge on Wednesday evening as the optimism towards a potential spot Bitcoin ETF resurfaced.

What Happened: Crypto markets were initially shaken on Monday with the leak of a potential massive settlement of U.S. criminal charges against Binance, the world’s largest crypto exchange. 

Confirmation on Tuesday of the $4.3 billion fine, along with a guilty plea by its founder and CEO Changpeng “CZ” Zhao – who also agreed to step away from the company – intensified the market turbulence. 

Stepping away from the headlines, some observers and analysts have pointed out that the Binance settlement might pave the way for the Securities and Exchange Commission (SEC) to potentially approve a spot bitcoin ETF. The recent developments around Binance and its CEO CZ might have alleviated the agency’s concerns about potential manipulation of bitcoin prices occurring overseas.

“With this plea deal, the expectations for a spot Bitcoin ETF might have increased to 100% as the industry will be forced to follow the rules that TradFi firms must follow,” wrote crypto services provider Matrixport in a note seen by CoinDesk.

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The global crypto market cap currently stands at $1.38 trillion, reflecting a decrease of 2.78%in the past 24 hours.

Stocks rose Wednesday as yields briefly hit their lowest point in two months, expanding the November market rally through the Thanksgiving holiday. The S&P 500 climbed 0.41% to reach 4,556.62, while the Nasdaq Composite advanced by 0.46% to reach 14,265.86.

During the latest Federal Reserve meeting, it was suggested that monetary policy would maintain its restrictive stance, giving no indication of an interest rate cut in the near future. 

To celebrate Thanksgiving, the New York Stock Exchange will remain closed on Thursday and will have an early closure on Friday.

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Analyst Notes: Cryptocurrency analyst Michael Van de Poppe suggests that the current phase of the cycle is an opportunity to buy the dips. According to him, altcoins are just beginning their bull cycle, and there is potential for significantly higher returns than what we are witnessing at present. "It’s simply just the start."

https://twitter.com/CryptoMichNL/status/1727432262973530535

Pseudonymous analyst Credible Crypto has shared an interesting suggestion that Bitcoin is currently within a significant re-accumulation zone, spanning the price levels of $38,000 to $34,800.  

According to Credible Crypto, the steep decline in Bitcoin’s value brought it down to the lower end of this range, which he refers to as the “demand zone.” Should Bitcoin manage to hold steady within this demand zone, the analyst predicts a potential surge in the flagship cryptocurrency, with a target price of $40,000.

"We worked with this same range in one of my recent video updates where I was calling for a move to the range lows from the highs at $38,000. That move down ended with the wick at $35,500 which is in the blue circle below."

Photo by Fernando Cortes on Shutterstock

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