It seems analysts don't think it will pass, but investors do.
I've been reading about it for a while now and about ETF's in general and nothing I've read has explained exactly why the SEC would not approve it.
Why wouldn't it pass?
SEC does give a clear answer for it. but just take your conclusion about the approval of the bitcoin ETF by SEC after reading the whole sentences of this article
https://www.cryptocoinsnews.com/investors-bet-sec-approving-bitcoin-etf-ignore-analysts/