Some ETF experts shared their opinion on the probability of Bitcoin spot ETF application rejection and suggested investors remain ready with plan B.
In the present time, the majority of crypto Investors are talking about Bitcoin spot ETF applications, which are on the verge of getting regulatory approval from the United States Securities and Exchange Commission (SEC). As per insider reports, the SEC body will give its final decision on these applications before 10 Jan 2024.
Just a few days ago, insiders close to the ETF applications with the SEC revealed that the SEC body planned to give its final decision on Tuesday or Wednesday of the first week of January.
As we know today is “Wednesday” and the majority of the Bitcoin investors are expecting that the SEC body will give its decision today.
A report by K33 Research claimed that decisions on Bitcoin spot ETF applications may come before 10 Jan. The Senior Analyst Vetle Lunde said that approval of this ETF application news will become a “sell-the-news event”.
On behalf of sentiments, the analyst predicted that there are 75% chance that people will sell in bulk after approval of these applications, while there is a 20% chance of more bullish sentiments for Bitcoin.
Analysts noted that there is a nearly 5% chance that the SEC may reject the applications and it will act as a very big factor in dumping the trade price.
Bitcoin dump scenario & opportunity
However, there are very few chances for a big downfall in the trade price of Bitcoin but if it happen then all the investors should remain ready to grab the opportunity.
If the dump starts then it will last for nearly 3 months and after that, it will again start to gain upward momentum, just before April 2024.
April will be a very important month for Bitcoin blockchain for this year because in this month Bitcoin network will go through halving events and that will be a factor in pushing the trade price of Bitcoin to the next level.
So be ready with money to accumulate more Bitcoin under big dump situation.
Read also: 15.4% downfall in Bitcoin ATM numbers in America in 2023: CoinRadar
Experts say 5% rejection chances for Bitcoin spot ETF applications
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