Fears of a Crash Increasing Ahead of Bitcoin ETF Application Decision

come back with me tonight, I haven't been active in sharing news about crypto and BTC for a long time, and on this occasion tonight I want to share about the crypto market preparing for potential turmoil when the US Securities and Exchange Commission (SEC) considers the fate of filings. spot Bitcoin ETF. With the weekend approaching, fears of a Bitcoin market crash have increased, especially if regulatory bodies decide not to give the green light to this highly anticipated crypto ETF.

Filing Verdict According to a Coin Edition report, prominent crypto analyst Scott Melker has raised concerns by hinting at a possible looming Bitcoin pump-and-dump scenario. Melker highlighted the risks investors face while awaiting the SEC's decision regarding the approval of the Bitcoin ETF.

According to a Coin Edition report, prominent crypto analyst Scott Melker has raised concerns by hinting at a possible looming Bitcoin pump-and-dump scenario. Melker highlighted the risks investors face while awaiting the SEC's decision regarding the approval of the Bitcoin ETF.

Optimism surrounding the Bitcoin ETF reached a peak on Monday when the asset's price surged to a new annual peak of US$47,000. The sudden rise came after institutions in the ETF race disclosed their fees, fueling speculation that SEC approval was only a matter of time. Despite enthusiasm in the market, experts are wary of the SEC's hesitation to grant definitive approval. Concerns have emerged about the potential risks associated with launching an ETF, prompting the crypto entity's Founder, Dave Weisberger, to anticipate months of legal wrangling between the issuer and the SEC if the ETF application is rejected. Amid this uncertainty, crypto analyst James Lavish observes that Bitcoin has become detached from the broader market. Lavish describes the current state of this digital asset as tied to a specific event, emphasizing its high volatility in the short term.

However, he remains optimistic about BTC's long-term prospects, anticipating a significant increase in value. Lavish's positive outlook is based on anticipated increased liquidity coming into Bitcoin following the ETF's approval. Many experts and analysts predict that this development could push Bitcoin to a new record high by the end of this year. At the time of writing, Bitcoin is trading at around US$46,114, reflecting a gain of more than 6 percent in the last 24 hours. Despite a slight decline from the US$47,000 level reached the previous day, market observers are closely monitoring the situation ahead of the SEC decision deadline.

The crypto community is anxiously awaiting the SEC's decision regarding Bitcoin ETFs, as this could have a significant impact on the market trajectory. While short-term volatility remains a concern, the general sentiment among analysts is that a positive call could pave the way for Bitcoin to reach new peaks in the long term. Investors are reminded to remain vigilant and informed, considering the potential implications of the SEC's decision on the overall crypto landscape, thank you, hope this is useful, regards..