Speculations about the ETF approval’s potential effects on Bitcoin (BTC) have been widespread. Greeks.live, an options platform, provides insights into how the exchange-traded fund could influence the value of the leading cryptocurrency.

Potential Bitcoin ETF approval imminent

The U.S. Securities and Exchange Commission (SEC) is reportedly set to inform asset managers seeking to launch a spot Bitcoin (BTC) ETF about the approval status of their applications as early as next week.

A seasoned trader, renowned for accurately predicting the year’s crypto breakout, now provides insights on Bitcoin’s optimal trajectory post potential approval of spot market BTC exchange-traded fund applications (ETF).

DonAlt, the pseudonymous analyst, says a prolonged consolidation period would be the most favorable scenario for Bitcoin after potential ETF approval. According to The Daily Hodl, he anticipates a “sell-the-news” reaction to the upcoming ETF announcement on Jan. 10. Afterward, the price of BTC is unlikely to drop significantly below $20,000.

However, Greeks.live suggests that the market has already factored in the potential approval of the Bitcoin ETF. As a result, it anticipates that the approval may not bring substantial returns for the asset or cause significant price movement.

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Author: Ogwu Osaemezu Emmanuel

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