Matrixport: If the US SEC rejects the Bitcoin spot ETF, Bitcoin will quickly fall by 20%

Matrixport reported that all proposals are expected to be rejected by SEC due to a key requirement not being met. Currently, the five-person SEC voting committee led by the Democratic Party is unlikely to approve a Bitcoin spot ETF because it would legalize Bitcoin as an alternative store of value. If SEC refuses to approve, there may be massive liquidation activity in the market, and the price of Bitcoin may quickly drop by 20%. Nevertheless, Matrixon Target still expects the price of Bitcoin to be higher than $42,000 at the end of 2024, even if the SEC rejects the ETF.