Will the Bitcoin ETF be approved today?

Bitcoin may secure its inaugural spot ETFs today, presenting an opportunity for substantial investment by major corporations. The U.S. Securities and Exchange Commission (SEC) aims to achieve approval for the Bitcoin ETF today, with trading scheduled to commence on January 11?. Will it materialize today, and will the market experience a surge?

When is the anticipated approval date for the Bitcoin Spot ETF?

Large company managers, including BlackRock, are expected to finalize the approval of various Bitcoin spot ETFs in the next three days. As per multiple reports, authorization is set to occur between the 8th and 10th of January, reaching a company-size scale. The 11th of January marks the scheduled commencement of trading for the ETFs.

There are 11 distinct applications from various companies for Bitcoin Spot ETFs. Supposedly, the US Securities and Exchange Commission is set to approve all ETFs simultaneously. This implies that the approval could be announced at any point within the next three days.

Although there is speculation that a decision might be reached by Monday, BlackRock, the largest global asset manager, anticipates the Securities and Exchange Commission (SEC) to grant approval for its bitcoin ETF, the iShares Bitcoin Trust, on Wednesday, as reported by Fox Business.

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Will Bitcoin price explode?

The approval could trigger a substantial surge in the Bitcoin price, propelling it above the $50,000 mark. Conversely, a decline in the price is plausible in the days following approval. It remains challenging to predict the short-term movement of the price post-approval. However, in the long term, the Bitcoin rate has the potential for significant growth owing to the impact of the ETFs.

There are two potential scenarios for Bitcoin at the moment:

1. Initial pump to $50K, followed by a retest at $41K.
2. Initial retest at $41K, followed by a move to a new all-time high (ATH).

If BTC successfully breaks the $52K mark, the next significant target could be $100K within a matter of weeks.

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Is there a possibility of the Bitcoin ETFs facing rejection?

The likelihood of approval for the Bitcoin Spot ETFs is estimated to be over 90%. BlackRock itself is likely anticipating the approval of its own ETFs on January 10, with trade expected to commence the following day.

A rejection could trigger a Bitcoin price crash, necessitating a wait until March for the next deadline when most applications are due. The SEC would likely take additional weeks for evaluation in such a scenario. In the event of SEC approval for spot Bitcoin ETFs, trading could commence as early as the following business day.

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