We only have hours to go before the anticipated decision of the US Securities and Exchange Commission (SEC) on all pending spot Bitcoin (BTC) exchange traded funds (ETF), or at least on the filing of Ark Invest. With that, there’s an ongoing excitement as to how the digital asset’s price will react to this pivotal event in the world of finance. Some popular analysts on Crypto Twitter just threw in their hats on the subject with a conservative yet realistic prediction.
No, Not Much
There are super bullish projections out there going up to the hundred grand but there are some who do not think that Bitcoin’s price will just magically pump to the moon at that range. The pseudonymous Doctor Profit (@DrProfitCrypto) on X thinks that the incoming spot Bitcoin ETF is almost priced in the charts.
According to the self-proclaimed elite trader who claims to trade based on psychology, the spot Bitcoin ETFs will be nothing compared to the halving happening in April this year. The analyst believes a nod by the SEC on the new financial instruments will only raise BTC values between a local top of $48K and $52K before undergoing correction.
Meanwhile, the halving may not immediately yield significant results. However, the trader says major price movements will occur four to eight months after, which is how golden bull markets are designed.
Another popular crypto guru who goes by the alias Ali (@ali_charts) mirrors the same conservative view in the aftermath of a spot Bitcoin ETF approval. The analyst starts by assuring investors that BTC has already established a solid support zone at $42K, thanks to the backing of 2.48 million wallet addresses with a combined haul of 1.12 million BTC.
The crypto expert then proceeds to explain that if Bitcoin can overcome the $48K resistance, it could go north up to $55K.
These are indeed viable estimates, but with just hours remaining on the January 10 deadline, it won’t be a long wait until we find out if any of these scenarios play out.
Will the Spot Bitcoin ETFs Get Approved Tomorrow?
The most important question right now though is whether or not at least one spot Bitcoin ETF will see the light of day tomorrow. Several news outlets previously reported that BlackRock is super bullish on the matter.
Recently, VanEck CEO Jan van Eck also chimed in with optimism about their approval a few hours from now. The exec further said that several firms may start trading them by Thursday if they get the green light from the SEC.