• Bloomberg analysts say that there is a short window during which the US SEC could approve up to 12 pending Bitcoin spot ETF applications, including from BlackRock and Grayscale
• BTC has been on a tear in the past month and at $36,800 today, it’s now trading at its highest level since early May last year, before the ETF bull run factors in.

The good times are back in Bitcoin and the top crypto is soaring. BTC is trading at $36,820 at press time, gaining 4% in the past day. Bitcoin’s ascent comes amid growing excitement that we could be inching closer to a spot ETF, with two analysts recently revealing that the SEC could approve 12 pending applications within the next week.

The entire crypto market has been on an uptrend in the past two months, with Bitcoin setting the pace. In the past 30 days, the king of cryptos notched 34% in gains in one of its best monthly performances in years. At $36,820, BTC is now trading at its highest price since May 2022.

“Zooming out, this is the most bullish U.S. has been on Bitcoin since early 2022. Asia price change was last seen as bullish as October 2021,” says one analyst.

According to Dutch trader and MN Trading founder Michael van de Poppe, Bitcoin faces resistance in the $38,000-$40,000 range and expects the crypto to consolidate just below this level.

The BTC bull run was unexpected by many. This is best captured by Material Indicators, an on-chain monitoring resource that gives investors an indication of expected price movements with a great success record. The surge in the past day “invalidated” the tool’s two indicators, “the first time I’ve seen that happen when both algos had signals on the same candle,” said the founder.

Bitcoin spot ETF incoming

Bitcoin’s current price surge comes amid excitement that the first spot ETF in the US could be approved soon. Bloomberg’s ETF expert James Seyffart took to Twitter to reveal that he gives a spot ETF approval by the SEC by January 10 a 90% success chance.

However, it might happen much sooner.

“A brief window opens on Nov. 9 for the SEC to potentially approve all 12 US spot Bitcoin ETF applicants, including Grayscale’s GBTC. It will open for at least eight days,” Seyffart told investors in a research note this week.

Seyffart points out that the SEC issued delay orders against several applicants, from BlackRock and Bitwise to VanEck and Fidelity.

“If the agency wants to allow all 12 filers to launch — as we believe — this is the first available window since Grayscale’s court victory was affirmed,” says the Bloomberg analyst.

And despite BTC’s gains in the past month, it’s nothing compared to what will happen once the SEC gives the green light for a spot ETF, says Matt Hougan, the Chief Investment Officer at Bitwise Asset Management.

It’s not at all priced in because the people who are going to buy this ETF are not aware that it’s coming or most likely coming; the majority of advisors who are the natural audience for this ETF don’t expect it to come until 2025 or later. If the people who are going to buy this ETF don’t think it’s going to be approved in the next two months, then I don’t see how it’s priced in.

Recommended for you:

• Buy Bitcoin Guide
• Bitcoin Wallet Tutorial
• Check 24-hour Bitcoin Price
• More Bitcoin News
• What is Bitcoin?