I think a lot of people is going to go bankrupt with their short expectations.
ETF or not, bitcoin is growing and too strong, it will keep growing. If the ETF is rejected, it just means we are closer than we were from an ETF getting accepted. The SEC will give up the final recommendations and changes required for the ETF to get passed the next time. This is a long term race. ETF rejected means nothing. Shorts that are expecting a big crash may have their short positions backfire.
Disregarding all the technical aspects related to ETF, bitcoin will grow even without that happening. Yes it's a big factor but just saying that bitcoin can established a good price with only community's support and it was proven since the commencement of operations of this crypto.
ETF hype already created lots of speculations whether it will increase the bitcoin price or not. The bottom line here is the people's view and how will they react to the market just like the halving speculations made last year.
Going back to reality, if ETF won't approved I see no price crash that will happen. Yes a correction price will established which is a good event after some huge price increase but it will not take the price to a considered "disappointment" price range.