Crypto investors are moving with the expectation of a potential bull market that could be triggered by events such as 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 expectation that the ETF would have a 90% chance of being approved by January 10, claiming that this prediction was accepted well before commenting on the ETF became popular.
Despite the recent slowdown in BTC’s upward movement, the market continues to move above the critical threshold of $37,000, which is of vital importance to investors. Various indicators in the market show that the likelihood of the crypto asset falling back below $35,000 is low, and ETF approvals are considered one of these indicators.
Highlighting that many people working on ETFs share the same view, Balchunas pointed out that the probability of ETF rejections is low. What caught the analyst’s attention was the inevitability of the approval and that the fundamental question had shifted from whether the approval would happen to when it would take place.
Another crypto analyst, Fifty Pawlow, pointed out that Bloomberg’s assumptions for this year were wrong. More importantly, he shared his concerns with his followers, doubling down on the 90% prediction. However, Pawlow’s comment came an hour after the senior ETF analyst’s post and had not received any response at the time of writing.