Bitcoin ETF Approval Odds Surge to 99%


The final moments leading up to the deadline for Bitcoin ETF (Exchange Traded Fund) applications from distinguished asset management firms across the globe have been accompanied by a surge in anticipation. Internal sources from the US Securities and Exchange Commission convey that the probability of approval, once pegged at an optimistic 90% by Bloomberg analysts, has now triumphantly escalated to an unprecedented rate exceeding 99%.

This upswing in anticipation is rippling through financial circles, as potential approval signals the entrance of a new conduit for capital into the Bitcoin sphere, which could substantially bolster its already impressive year-to-date ascent of over 153%. Bitcoin’s value mirrors the market’s buoyancy, having carved out a new annual zenith at $43,400 and, at a present $42,900, it advances on its bullish trajectory with a 4% spurt in the last full day of trading, and a commendable 14% upswing over the past week alone.

The allure of a Bitcoin ETF cannot be overstated for investors; its approval would symbolize the establishment of a regulated and straightforward pathway for both institutional and retail investors to tap into the cryptocurrency realm. Such an introduction could pump monumental liquidity into Bitcoin’s market.

Standing on the cusp of this pivotal decision from the SEC, investor communities are brimming with expectancy for the transformative implications it could spell for Bitcoin and its burgeoning market.

Zooming in on Bitcoin’s immediate price activity, a meticulous study by acclaimed crypto analyst Rekt Capital sheds light on the digital currency’s tactical navigation of key price landmarks. A November analysis delineated a critical price corridor with a lower bound of $36,120 and an upper resistance ceiling at $43,200. Bitcoin’s tenacity in securing the lower bound as a support has now springboarded its climb toward the higher echelon of this spectrum.

Rekt Capital places significant emphasis on the pivotality of the $43,900 resistance crest, a historical watershed moment where Bitcoin has previously demonstrated its capacity to soar when breached and maintained as support. However, the coin’s late 2021 narrative turned the page as it momentarily lost this strategic level before succumbing to a downtrend.

As moments tick down to the SEC’s final pronouncement, and with Bitcoin teasing the cusp of this defining threshold, the crypto community hovers in collective bated breath for what could potentially be a watershed moment in the cryptocurrency chronicles.


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