If the ETF is not approved, there will certainly be a significant dumping across the entire market and I believe growth will stop even if the halving occurs.
I can't really understand that logic. Bitcoin is growing since it was first started in 2009. The bitcoin ETF is supposed to bring new investors into bitcoin that are not able or willing to buy real bitcoins. If however the ETF is not approved we will not see these investors in bitcoin. That will simply mean that everything will be the same and nothing changes. In my opinion we will see a bullish pattern with the ETF and if there is no ETF then there will be the same pattern that we saw before (also bullish).
I created a bit of a misunderstanding, what I mean is that the bitcoin price increase will soon stop if ETFs are rejected even as we are getting closer to halving. In the long term, bitcoin will recover and continue to grow over time as long as demand for it continues to grow steadily.
I know many people on the forum are not interested in ETFs but if we look at the overall picture of the market, we see that the majority of the market is very interested in this news. Therefore, I think if it is not approved, a round of dumping will be inevitable.