News Analysis

Spot Bitcoin ETF Approval Might Be Near, but Analysts Differ on Possible BTC Price Reaction

One line of thought envisions a major rally, while another suggests approval has been fully baked into prices.

By Krisztian Sandor

AccessTimeIconOct 18, 2023 at 7:41 p.m. UTC

Updated Oct 18, 2023 at 10:27 p.m. UTC

Analysts differ on bitcoin's ultimate reaction to a spot ETF (Unsplash, modified by CoinDesk)

Bitcoin briefly rallied 7% to $30,000 before retracing on an erroneous news headline of the SEC approving BlackRock's spot BTC ETF application.

Price gains could be even larger when a real approval arrives, said one team of analysts, while another outfit suggested approval has been priced in.

If prices do jump on a spot ETF green light, it could be a "sell the news" event, suggested Enigma Securities.