Why the next 8 days could be crucial for the Bitcoin price

Starting today, there is an eight-day period that could be crucial for Bitcoin. That’s what two Bloomberg analysts say. The reason? There are a few Bitcoin ETFs on the SEC’s agenda.

The 8-day period now starts

Bloomberg analysts James Seyffart and Eric Balchunas published a research note yesterday suggesting that a major phase will begin today, from November 9. There is a period of eight consecutive days during which the SEC can approve a spot Bitcoin ETF proposal.

Twelve applications have been submitted, with the first deadline being November 17 at the latest. Seyffat elaborated on X in the note. However, he said the SEC could decide nine of the 12 ETF filings in the next two months.

In other words, there is no guarantee that the SEC will approve any of the requests; the decision may still be postponed.

This tweet says:

“New research note from me today.” We still believe there is a 90% chance of approval for the spot Bitcoin ETF by January 10th. But if it happens sooner, we will enter a phase where there will be a wave of endorsement requests for all current candidates. IT COULD BE take place.’

90% chance of approval before January 10

As mentioned, one (or more) Bitcoin ETF applications may or may not be approved by the SEC in the coming days. The U.S. Securities and Exchange Commission has not once suggested this.

If Seyffart is to be believed, there is a 90% chance that a Bitcoin ETF will be approved in the US by January 10. He’s working on his ETF predictions. The day before yesterday, Seyffart was a guest on the Paul Barron Network YouTube channel. Then he said:

“It is highly likely that the SEC will defer the ARK filing until January 10 and then approve all approvals. more ETF registrations in March 2024. I don’t think so. Therefore, I believe the SEC could approve the pending ETFs in November or December 2023.”