.

[Deanero]

the moment it is canned, the price will fall back down to $800 or lower.

why $800? because to me it sounds like a random number you just put in your comment to have said something. there is no reason for price to go that low.
you think thousands of day traders who are currently waiting so eagerly to buy bitcoin at $1200 are going to let price go lower than $1100.
or did you think thousands of other traders that are long are going to wait around and let the price go lower than $1000?

no they are all going to jump in and buy. this is called resistance and demand.
i am going to sell my house and buy bitcoin with all of it if price goes to $900 let alone $800 at that price i will sell my kidneys too

at $800, I'll sell my teeth!!

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[ASHLIUSZ]

Price drop is something that happens with bitcoin without any prior notification. I too believe the same that the ongoing price rally is taking place in regards to the ETF. So depending on that we'll experience price fall or a steep increase. Also possibility of ETF approval is high than denying. So let's hope for a positive impact.

[talkbitcoin]

it is funny how some people give too much power to something with no power to affect price!

yeah at this point since every person on the planet knows about ETF and it is being talked about to death, the approval/disapproval of it matters. if you stop talking about it then it won't.

and price will be affected because people expect it to be affected otherwise there is no new money coming in because of ETF approval and there is no money existing because of ETF disapproval.

in the end it would be whales manipulating people with weak hands to sell their coins cheap by saying things like what OP said ($800) and then those weak hands will be left waiting for that price while dip is down to a couple of hundred dollar above their target!

[lordquanta]

By looking at growth rate of bitcoin price, there is no co-relation between price hike and ETF approval. Rate is rising by like it buyers have been affected with FUD virus. Manipulators have done their job, now it is rest of herd which is following the trail.

[jtipt]

Does anyone think the price will tank again as it did after the issues in China if the EFT fails to be approved? I'm feeling that the current price rally is mostly due to people hoping for the approval and that the moment it is canned, the price will fall back down to $800 or lower.

Thoughts?

Yeah a tank is definitely gonna come if ETF gets disapproved, going back all the way to $800 seems like a little too much. I was expecting an around $1000 price may be in the range of $950s.