The US Securities and Exchange Commission (SEC) is about to make an important decision on Bitcoin exchange-traded funds (ETFs). In the past, the SEC said no to all ETF requests, but now there’s a chance they might say yes. Analysts think that one or more proposals could get approved as soon as Friday. People around the world are excited about the possibility of a Bitcoin ETF in the US, and it’s making the price of Bitcoin go up.
Analyst Eric Krown Crypto suggests the possibility of an ETF approval today, although it remains uncertain. He talks about the statistical setups that may guide potential outcomes. In terms of Bitcoin analysis, Krown showed the historical Friday statistics, noting a slightly better than 52% chance of positive daily closes. He explores potential moves based on current setups, considering both bullish and bearish scenarios. Krown brings attention to a specific setup that has shown success recently, generating winning trades.
Krown points out the importance of hidden bullish divergence on the 3-day timeframe, suggesting a likely upward move, with price targets around $49,000. However, he cautions about potential bearish divergence on higher timeframes, signaling a temporary rally. Krown discusses the importance of caution in the current market and how traditional markets’ pullback might impact Bitcoin.
While acknowledging the complexity of the situation, Krown leans towards a cautious approach, awaiting further confirmation of market direction. He also touches on the possible influence of an ETF announcement and hints at a looming major pullback in the first quarter of 2024.
An analyst, James Seyffart, thinks that most ETF applications will likely be approved, except for Grayscale. Grayscale is different, and it might need more time for approval. Seyffart believes there’s a 90% chance the SEC will say yes. He thinks this is because the SEC has been talking a lot with the companies applying for ETFs.