Cryptocurrency News

Crypto Market Specialist Affirms Bitcoin’s Big Need For SEC ETF Approval To Continue Price Rally

Bitcoin is in a bear market trend now and everybody knows it. Despite the fact that we simply can’t stop talking about it, that’s hardly news, right? The trading volume is relatively flat and volatility is down (which is somewhat good, only not for speculators, but great for HODLers), so the prices are now between $6,500 and $6,700 USD and they hardly ever move.

The main question that remains is: what will happen with the price in the long term? Is the bear trend ending and now Bitcoin will simply stay this way or is the market sinking for good? According to a recent interview that Naeem Aslam gave to MarketWatch, the bull market might be just around the corner, but it is important that the U. S. Securities and Exchange Commission (SEC) lets the bull free.

The SEC Has To Free The Bull

During his interview, Aslam, which is the Chief Market Analyst of Think Markets UK, has affirmed that, while institutional investors are now more interested in the Bitcoin markets, there is some need for a greater regulatory clarity from the SEC in order for the bear market trend to be reversed.

According to him, Bitcoins needs “some sort of a blessing” to be revitalized again and the SEC is the one which will let the bull out. Aslam has affirmed that the SEC looking for a public opinion on the Bitcoin ETF is a good sign and that the department wishes to respect the public to create a landscape.

Because of this, Aslam defends the idea that the public opinion can be pivotal for the approval of the Bitcoin ETF. Therefore, the SEC may hold the door to let the bull out, but the investors might hold the key. If there is support, Aslam believes, the SEC would hardly reject any ETF that satisfies the basic criteria.

Not All Experts Agree

Rob Sluymer, which works as the technical strategist at Fundstrat Global Advisors, has a very different opinion. According to the man, investors should be patient and wait for the evidence before they start investing, as he does not see it as something that will necessarily happen the fact that Bitcoin’s price will rise again.

During a recent note which was sent to the investors of Fundstrat Global, he believes that the key levels of September’s highs should be watched, as if they are reversed, it may mean a trend reversal.

Will Bitcoin leave the bull market? While Sluymer is surely more cautious, Aslam is right, it depends on the SEC. It would be imprudent to affirm that the SEC will approve the ETF but, to many people, it looks more like a question of “when” instead of “will”.

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