Author: Scott Matherson, BITCOINIST; Translation: Blockchain Knight
As 2024 approaches, expectations for the next BTC halving continue to rise, and crypto investors are becoming more optimistic about the market.
However, while the BTC halving is one of the most important events of every bull market, it is not the only significant event that investors need to pay attention to. There are other events that could also determine the price of BTC, and the market may well see another record-breaking bull run.
The BTC ETF application submitted by BlackRock, a trillion-dollar asset management company, has ignited the entire market.
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During the initial application period, investors’ frenzy pushed the market up, but when they cooled down, they found that some new events were coming up that could be the deciding moments for digital asset prices.
In a tweet, the co-founder of the on-chain derivative protocol Pear Protocol listed the timeline for BlackRock’s spot ETF application and the important dates in this timeline.
The first date is June 28, when the iShares filing will be published in the Federal Register for public comment.
The next important date is August 12, 2023, which is the first deadline for the SEC to respond to BlackRock’s ETF application.
There are currently three possibilities: the regulator can approve, reject, or extend its decision by 45 days, giving it ample time to consider. Based on the committee’s response to similar applications in the past, the third scenario is likely to occur.
Next is September 26, 2023, which would be the next date for its submission if the SEC chooses to extend by 45 days. Again, the regulator has three options, but this time it can choose to extend by another 90 days.
If the SEC chooses to extend again, the next important date will be December 25, 2023, and the same three options will exist: approve, reject, or extend.
However, this will be the regulator’s final chance to extend its decision, and it can only extend by 60 days.
Assuming the SEC chooses to extend every time, it will make its final decision on February 23, 2024, and it will have only two choices: reject or approve the ETF.
If the SEC approves the application, it will obviously be beneficial to the market and may trigger the start of a bull run.
However, if regulators choose to reject it, this could cause a market crash and lead to a drop in the prices of BTC and other digital assets.
However, the good news is that the BTC halving is coming soon, expected to take place on March 25, 2024.
The BTC halving will quickly stop the “market hemorrhage” caused by the SEC’s rejection of the application and fully mobilize the positive sentiment of the market .
The approval of the BlackRock ETF coincides with the BTC halving, and the market may experience rapid growth and reach new highs earlier than expected.
In any case, investors should pay close attention to the dates mentioned above, as they may affect the price of BTC.
However, BTC itself still performs well in the case of slowing market momentum.
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