Bitcoin trade price may dump to $37,000: SEC to reject Bitcoin spot ETF applications

Rekt Capital predicted that the trade price of Bitcoin may face correction by -17% under potential panic sell pressure.

The current trade price of Bitcoin (BTC), the top-ranked digital asset by market cap, is $42.5k. This trade price is -7% down over the last 24 hours of trade price. 

According to Crypto investment services provider Matrixport, the United States Securities and Exchange Commission (SEC) agency is not going to approve the Bitcoin spot ETF applications in the near future because the SEC chairman Gary Gensler is not going to vote in support of any such crypto linked applications.

Alongside of these speculations, Rekt Capital, a famous crypto trader and analyst, shared his analysis on Bitcoin and confirmed that Bitcoin trade price is following the same pattern as periods in 2021 and 2022. 

This crypto analyst noted that the trade price of Bitcoin retested a $41k price level two times with huge volatility and this is a hint that the trade price may face correction & hit $37k. 

If Bitcoin hits $37k then it will be in a healthy position which means it will not fall below this trade price easily because of big buy support.

We can compare this analysis with the 2021 situation where Bitcoin first saw a correction to $37,354 & further started showing a rally & hit $60k. A similar type of pattern was seen in 2022 but later bear phase played a vital role in breaking all the expectations of the pump. 

Some other analysts noted that there are clear chances of a Bitcoin price dump but suggested people not get in any type of panic because any big dump will initiate a big bull rally for Bitcoin. 

Currently, Bitcoin investors are eagerly waiting for Bitcoin spot ETF application approval by the United States Securities and Exchange Commission (SEC) and some big whales are waiting for a big dump, as the Bitcoin network will go through a Bitcoin halving event. 

After Bitcoin halving, Bitcoin will show a parabolic pump in the trade price, if it follows the patterns of post-Bitcoin halving events. 

In the past before every Bitcoin halving Bitcoin trade price saw a significant downfall in the trade price, & obviously, that will be a better chance to accumulate a huge amount of Bitcoin.

Read also: Michael Saylor will sell $216M stocks to buy Bitcoin (BTC)