An analyst by the name of Naeem Aslam who also works at Think Markets UK, believes that Bitcoin needs a strong backing from the US Securities and Exchange Commission (SEC). This will then allow Bitcoin to bounce back in price. Aslam also feels that the approval of the first Bitcoin ETF, is another major step in the revitalization of Bitcoin. The market’s dominating digital asset, will need some sort of catalyst to boost up its price in the upcoming future.
Aslam also has strong belief that the SEC will not deny the BTC ETF, because the requirements are transparent and the demand from the public is high which makes it justifiable. A majority of market players are in agreement that the market has a high chance of recovering because of the various benefits Bitcoin ETFs have on the market. All in all, the crypto market needs a strong force to get it out of its slump.