Bitcoin experienced a pullback on Tuesday, settling at $36,400 after erasing its gains from the weekend. The cryptocurrency market is currently on edge as investors await two major forthcoming announcements: the release of the US Consumer Price Index (CPI) data for October and the Securities and Exchange Commission's (SEC) decision on a dozen spot Bitcoin Exchange-Traded Fund (ETF) applications, expected between November 9 and November 17.
The outcome of these events is anticipated to be significant for Bitcoin's trajectory. Approval of the ETFs could spark institutional interest and potentially drive up Bitcoin's price. On the other hand, a recent report from JPMorgan (NYSE:JPM) has tempered expectations, suggesting that the potential approval of Bitcoin ETFs might not attract substantial investor interest as previously thought.
Despite this cautious stance from JPMorgan, some crypto analysts remain optimistic about Bitcoin's prospects. Analysts Faibik and @el_crypto_prof have projected that Bitcoin could surge to $50,000 if it manages to maintain its position within the $34,000 to $38,000 range over the next two months. Both analysts anticipate that Bitcoin could reach an all-time high by 2024. Specifically, @el_crypto_prof has identified the $48,000 to $50,000 area as a critical threshold for the digital currency.
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