The U.S. Securities and Exchange Commission (SEC) is scheduled to make an important decision regarding Bitcoin exchange-traded funds (ETFs). In the past, the SEC would have rejected all ETF requests, but now it is likely to approve them. Analysts believe one or more proposals could be approved as early as Friday. People around the world are excited about the possibility of a US Bitcoin ETF, which is causing the price of Bitcoin to rise.
Analyst Eric Krown Crypto suggested the possibility of ETF approval today, although it remains uncertain. He talks about statistical settings that can guide potential results. In terms of Bitcoin analysis, Krown showed statistics from past Fridays, noting that the probability of a positive daily close is slightly higher than 52%. He explores potential moves based on the current setup, considering both bullish and bearish scenarios. Krown has been successful recently, highlighting specific setups that have created successful trades.
Krown points out the significance of the hidden bullish differential over the three-day period, suggesting a price target likely to rise to around $49,000. However, he warned of a potential bearish divergence on higher time frames, predicting a temporary uptrend. Krown discusses the importance of caution in the current market and how a downturn in existing markets could affect Bitcoin.
While acknowledging the complexity of the situation, Krown is taking a cautious approach and awaiting further confirmation of market direction. He also touches on the impact the ETF announcement could have and hints that a major pullback is coming in the first quarter of 2024.
Analyst James Seyffart thinks most ETF applications will be approved, with the exception of Grayscale. Grayscale is different and may require more time to be approved. Seyffart believes there is a 90% chance the SEC will say yes. He believes this is because the SEC has had many discussions with companies applying for ETFs.