DIGIVESTASI - The crypto market is bracing for potential disruption as the US Securities and Exchange Commission (SEC) examines the fate of a spot Bitcoin ETF application. 

As the weekend approaches, fears of a Bitcoin market crash are mounting, especially if the regulator decides not to greenlight the much-anticipated cryptocurrency ETF. 

Concerns ahead of Bitcoin ETF application decision 
As reported by Coin Edition, renowned crypto analyst Scott Melker has expressed his concerns by hinting at an imminent Bitcoin pump-and-dump scenario. 

Melker emphasized the risks investors face while awaiting the SEC's decision regarding the approval of a Bitcoin ETF. Optimism surrounding Bitcoin ETFs peaked on Monday when the asset's price hit a new annual high of $47,000. The sudden increase came after institutional participants in the ETF race disclosed their fees, fueling speculation that SEC approval was only a matter of time.

Despite market enthusiasm, experts remain wary of the SEC's indecision in giving final approval. Concerns have been raised about the potential risks involved in launching an ETF, leading crypto institute founder Dave Weisberger to predict months of legal wrangling between the issuer and the SEC if the ETF application is denied.  

Amidst this uncertainty, crypto analyst James Lavish observed that Bitcoin has been isolated from the broader market. Lavish described the current state of the digital asset as tied to specific events, highlighting its high short-term volatility.

However, he remains optimistic about BTC's long-term prospects, and expects its value to increase significantly. Lavish's positive outlook is based on the expected increase in liquidity flowing into Bitcoin following the approval of the ETF. Many experts and analysts predict that these developments could push Bitcoin to new all-time highs by the end of the year.

At the time of writing, Bitcoin is trading around $46,114, reflecting an increase of over 6% in the last 24 hours. Despite a slight decline from the previous day's $47,000, market watchers are closely monitoring the situation ahead of the SEC's decision deadline.  The crypto community is eagerly awaiting the SEC's decision on the Bitcoin ETF as it could have a significant impact on the market's trajectory. 

Although short-term volatility is still a concern, the general sentiment among analysts is that a positive prediction could pave the way for Bitcoin to reach new highs in the long run.  
Investors are reminded to remain vigilant and informed, given the potential impact the SEC's decision could have on the overall cryptocurrency landscape.