And please, understand that i don't mean that the price will immediately pump to $10,000+, im just saying that if the SEC approves ETF (and it will, if not on 11th, then the next time, it will happen eventually) we will see new, never seen before, streams of money coming into bitcoin.
I don't know if you understand what ETF really means. This is huge for the non-geek investor to hold bitcoin. It will be possible for anyone to go into their local banks, and tell the employee to but you some COIN shares, anyone can do this. Once people get gains with that, it will spread, everyone can get in with no technical knowledge about bitcoin in a safe, regulated way. So all those old millionaires, or your regular person that just wants to hold BTC but isn't really sure how to do it, will be able to get in thanks to the COIN shares. Of course I personally recommend people to learn how to buy and hold actual BTC, but we can expect everyone to do that and COIN will be 'it', the missing link to get the average investor that is not into cryptography/computer stuff. This means potentially billions of increase on the marketcap. With some time price going x10 is perfectly plausible. How long it will take? I don't know, but it opens the door for that possibility to happen.
It will be interesting to monitor the situation regarding ETF,if or when this happens it is very likely that a certain amount of fresh money will be pumped in bitcoin market and it will certainly affect the price goes up.This would be one of the easier ways to invest in
BTC,and some new players would likely take advantage of this opportunity.
Regarding drop in price if ETF is not be accepted,it is possible that we can see small drop caused by this news,but I do not think that current price just depends on ETF approval.In my opinion, the reason is mainly in the measures implemented by the Chinese authorities on their exchanges.