"The SEC delay could last as long as 240 days, which increases doubt about whether or not it will receive approval. On the plus side, should the Bitcoin ETF be approved, many enthusiasts and analysts alike feel the move could double the bitcoin price within a short period, and bitcoin-holders could likely make a lot of money.

Director of Global Advisors Bitcoin Investment Daniel Masters says:

“Retail and equity investors, who wouldn’t or couldn’t go direct to the commodity markets, were prepared to invest in these vehicles. That, in turn, sucked physical commodities used to back the ETFs out of the markets in question, leading to price appreciation.”

And of course, the sentiment remains that bitcoin is likely to undergo further spikes, though they’re likely to occur in incremental stages. One analyst writes:

“Things have been pretty good to us as of late – we’ve had plenty of opportunities to get in and out of the markets according to our intraday strategy… We are looking almost certain to close out the week net positive on the bitcoin price markets. This is not guaranteed, of course. We might see some rough action this evening or as we head into Friday’s session and take a few stop hits on the day’s trading. So long as we keep our risk tight, however, and don’t break our own rules, it’s as close to a guaranteed winning week as we can get.”

How long will it be before the bitcoin price becomes $"