BlackRock ETF approval deadline comes at the decisive moment of BTC halving?

Author: Scott Matherson, BITCOINIST; Compiler: Blockchain Knight

As 2024 approaches, people's expectations for the next BTC halving continue to grow, and Crypto investors are becoming more optimistic about market trends.

However, while the BTC halving is the most important event of every bull market, it is not the only major event that investors need to pay attention to. Some other events may also determine the price of BTC, and the market is likely to usher in another record bull market.

The filing of a BTC ETF by trillion-dollar asset manager BlackRock ignited the market.

In the early stage of the application, the enthusiasm of investors drove the market up, but when they calm down, they will find that some new events are coming, and these events may be decisive moments for the price of digital assets.

In a tweet, the co-founder of on-chain derivatives protocol Pear Protocol laid out a timeline for BlackRock’s spot ETF applications and key dates in that timeline.

The first date is June 28, when the iShares document will be published in the Federal Register for comment.

The next big date is August 12, 2023, this is the first deadline for the SEC to respond to BlackRock's ETF application.

There are currently three possibilities where the regulator can approve, reject or extend its decision for 45 days, allowing ample time for consideration. Based on the Commission's past responses to similar applications, the third scenario is likely to occur.

Next is September 26, 2023, which will be the next date for the SEC to file a decision if it chooses to extend by 45 days. Again, the regulator has three options, but this time it can choose to extend for another 90 days.

If the SEC extends again, the next important date is December 25, 2023, and there are also three options: approve, deny or extend.

However, this will be the last chance for the regulator to extend its decision, and only for 60 days.

Assuming the SEC chooses to extend each time, it will make a final decision on February 23, 2024, and there will only be two options: reject or approve the ETF.

If the SEC approves the application, it would obviously be good for the market and could trigger a bullish switch.

But if regulators choose to say no, it could send markets plummeting and lead to lower prices for BTC and other digital assets.

However, the good news is that the BTC halving is coming and is expected to happen on March 25, 2024.

The halving of BTC will quickly prevent the "market hemorrhage" caused by the SEC's rejection of the application, and can fully mobilize the positive sentiment of the market.

The approval of the BlackRock ETF coincides with the halving of BTC, and the market may usher in rapid growth and hit new highs earlier than expected.

In any case, investors should pay close attention to these dates mentioned above as they may affect the BTC price movement.

But as far as BTC itself is concerned, it is still doing well amid slowing market momentum.