90% Chances the SEC Could Approve Bitcoin ETF by January, 10: Analyst

The U.S. Securities and Exchange Commission (SEC) might probably approve the much-awaited Bitcoin ETF in January this month. James Seyffart, the Bloomberg Intelligence research analyst opined that the SEC might approve the Bitcoin ETF on or before January 10, 2024. “There is about a 90% probability the SEC will approve the (BTC) ETFs by Jan. 10,” he wrote.

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That’s five days from today and the time for the SEC to approve the BTC ETFs is shorter than expected. The SEC has remained tight-lipped about the development providing no updates or hints about the soon-to-be-made decision.

The Probability of the SEC Approving Bitcoin ETF is 90%, Says Bloomberg Analyst

BTC climbed above the $45,000 mark at the start of 2024 but dipped to $43,000 after rumors spread that the SEC might not approve the BTC ETF. However, the rumors were quelled as they sprung out of social media with little to no evidence. BTC now remains on a cliffhanger and is trading between the $43,000 and $44,00 mark.

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Moreover, if the SEC approves the BTC ETF, Bitcoin could kick-start a rally and reach new monthly highs. Bitcoin breaching its all-time high of $69,000 after the BTC ETF approval cannot be ruled out. Institutional investors with billions of dollars will enter the cryptocurrency market making BTC and other altcoins skyrocket.

Nonetheless, if the SEC disapproves of the Bitcoin ETF, the chances of the cryptocurrency market and BTC experiencing a bloodbath remain high. Therefore, investors are now treading cautiously as the cryptocurrency market could soon swing in any direction delivering losses or profits equally.

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The market is keenly focused on the Spot Bitcoin ETF approval that could make or break the other leading altcoins. Investors who hold long positions in Bitcoin will consider booking profits as the markets could tank if the SEC disapproves the ETF.