Bitcoin Price Might Drop To $36K If SEC Rejects The Bitcoin ETF – Warns Analyst

The post Bitcoin Price Might Drop To $36K If SEC Rejects The Bitcoin ETF – Warns Analyst appeared first on Coinpedia Fintech News

After registering heightened volatility on Wednesday, Bitcoin (BTC) has returned to the same consolidation range that began in early December last year. The false breakout trapped a lot of crypto traders, thus sending shockwaves in the entire industry on the importance of spot Bitcoin exchange-traded funds (ETFs) in the United States.

With the fourth Bitcoin halving less than 107 days away, the debate on whether the January 10 decision from the United States Securities and Exchange Commission (SEC) will be a sell-the-news event has escalated on most social platforms. The short-term confusion saw Matrixport issue two reports, one suggesting the US SEC will reject spot Bitcoin ETF applications and the other on imminent approval.

Why More Countries Need to Adopt Bitcoin 

Although Bitcoin has grown to a mature trading instrument free from geopolitical interferences, the approval of spot BTC ETF in the United States is expected to have significant implications on the underlying price action. Moreover, the United States is the leading global economy with a national debt of more than $33 trillion. With the global debt having scaled to more than $307 trillion in 2023, according to an Institute of International Finance report, Bitcoin is the only hope to control the rising debt crisis, as El Salvador shows.

What Next for Bitcoin if SEC Rejects Spot ETF Application

Bitcoin price has struggled to rally beyond $45k in the past five weeks as uncertainty looms on the spot BTC ETF decision. If the US SEC decides to reject the dozen spot ETF applications, short-term BTC holders could join miners in taking a profit. According to Dinobet co-founder, Bitcoin price could drop towards the next psychological support range between $36,000 and $38,000 if the US SEC rejects the spot BTC ETFs.