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Investors pinning their hopes on the cryptocurrency market are moving with expectations of a potential bull market triggered by events like Bitcoin‘s halving and the approval of a spot Bitcoin ETF next year.
Bloomberg’s senior ETF analyst Eric Balchunas reiterated his past ETF approval date prediction. In a post shared on November 29, he maintained Bloomberg’s 90% expectation that the ETF would be approved by January 10, claiming this has long been an accepted prediction even before it became popular to make comments about the ETF and widely accepted.
Balchunas Reiterates Bitcoin ETF Prediction
People ask me if we’ve changed the odds of approval. No, we still hold a 90% chance of approval by January 10, the same rate we’ve had for months before it was cool/safe. What we’re watching now: more revised/final filings coming in and clarity regarding in-kind and cash creations.
Despite the recent slowdown in BTC‘s upward movement following possible ETF news, the market continues to move above the critical threshold of $37,000, which is of vital importance to investors.
Various indicators in the market point to a strong likelihood that the crypto asset will not move below $35,000 again, with the approval of ETFs being considered one of these indicators.
Very Low Probability for ETF Rejection
When asked about the probability of all ETFs being rejected, Balchunas said:
It’s a low probability.
Many people working on ETFs share the same view, Balchunas emphasized, suggesting that rejection is unlikely. What caught the analyst’s attention was that the approval seems inevitable, and the essential thought has shifted from whether it will happen to when it will happen.
The important thing that gets lost in discussions about definite dates, comments, and timelines is that the SEC and issuers are working hard behind the scenes to get these ETFs ready for THIS CYCLE.
Another crypto analyst who has made a name with his predictions, Fifty Pawlow, pointed out that Bloomberg was wrong in its assumptions for this year. More importantly, he shared his concerns with his followers that he doubled the 90% prediction.
Pawlow’s comment came about an hour after the senior ETF analyst shared his post. However, as of the writing time, Pawlow had not received any response.
- Bitcoin’s potential bull market excites investors.
- Eric Balchunas reasserts strong ETF approval odds.
- Market indicators suggest continuous price support.
