Bitcoin Potential ETF Approval Sparks Divergent Predictions

[Cheema02]

The expectation that the SEC will approve a Bitcoin spot ETF has sparked conversations about possible market movements. According to a research by CryptoQuant, the permission could cause a sell news occurrence which could cause the market to correct. I think analysis highlights past trends where high profit levels came before price declines, with an emphasis on the unrealized earnings of short-term Bitcoin investors. According to the study  there has been a surge in selling activity among Bitcoin miners, which might intensify sell pressure once the ETF is approved and cause market turbulence.

According to CryptoQuant study, Bitcoin value may drop to about $32knafter the introduction of an ETF. This is consistent with past trends during bullish market downturns. Some analysts, such as Michael van de Poppe and Matrixport, on the other hand, forecast bullish outcomes, with potential increases exceeding $50k in early 2024. According to Analyst Ali, there is a strong support zone ranging from $37150 to $38,300 which is supported by multiple addresses with significant quantities of BTC. The robust support might potentially avert substantial price declines even in the case of a sell the news scenario following the approval of the spot ETF. details