Began from Nov 9, the SEC has this unique “window” to give the thumbs up to all 12 spot Bitcoin ETF filings, even including Grayscale Investments’ conversion of its Grayscale Bitcoin Trust product by November 17.
SEC Remains Silent
Bitcoin enthusiasts and investors alike have been closely monitoring the Securities and Exchange Commission’s response to the 12-spot Bitcoin ETF applications. As, the initial window for approval, spanning from November 8 to November 17, has left the market on edge.
With only four days left before the current window’s conclusion, the SEC has remained silent, providing no clarity on whether the ETF applications will be approved or rejected. This lack of transparency has led to a weekend decline in Bitcoin prices.
However, the hard deadline for the SEC’s decision is not until January 10, 2024, adding to the uncertainty surrounding the cryptocurrency market.
Bloomberg ETF analyst James Seyffart suggest that if approvals are to occur, it is more likely to happen closer to January, casting a shadow of doubt over the market’s immediate expectations.
This potential delay has triggered a sense of pessimism among investors, with concerns of a corresponding market downturn.
Saylor’s Bullish Boost in Crypto Uncertainty
In response to the waning bullish sentiment, Bitcoin evangelist and MicroStrategy founder Michael Saylor has taken to X to inject optimism into the market.
Saylor’s recent statements and tweets tout a bullish outlook, claiming a potential 10x increase in BTC demand within the next 12 months, coupled with a halving of supply. Despite Saylor’s efforts, the impact of these statements on market sentiment remains uncertain.
Bitcoin Price Set for a Correction
Currently, Bitcoin is trading at $36,467 as per Coinpedia, hovering just above the crucial support line at $36,833.
Although, the recent three-day decline signals a potential correction, with analysts speculating that a lack of response or delays in ETF approval from the SEC could further impact Bitcoin prices.
However this potential lack of approval could lead to a decline, potentially testing the support line at $33,901.
Conversely, if the SEC approves the 12 spot Bitcoin ETF applications before November 17, a resurgence in Bitcoin prices could be observed, potentially breaching $40,000 and challenging the bearish narrative