An ETF approval will start a new bull rally IMO. I think we can hit a new ATH
Why, though? Fundamentally? Approval =/= launch, and approval =/= demand.
As one example, when the CME launched BTC futures last year, the price crashed. It's all about timing.
Bull rallies are born based on supply/demand imbalance, not hype. Hype comes later, after the price is already skyrocketing. If an ETF approval comes after an accumulation period where long term supply has been absorbed, then yeah, it could spark a legitimate new bull market. But if the bear market hasn't run its course yet, I wouldn't plan on it.
price didn't crash after Futures launch. the price had gone up with a sharp rise before the launch in anticipation of positive news and then when the news came out itself it was time to take the profit out so the price dropped. it was more like a correction. and the the big bang happened to $20k.