#news#Theapproval of a Bitcoin ETF could act as a powerful catalyst for the start of a new bull cycle in the cryptocurrency market, according to Bernstein analysts.

In their opinion, a positive decision from the US Securities and Exchange Commission (SEC) will give the green light to institutional investors to enter the digital asset market.

“For the first time in the history of cryptocurrencies, institutional investors have the chance to enter the market before the massive rush begins, and this is a positive factor for the entire industry,” the report says.

Bernstein analysts expect ETF approval by January 2024 or “even sooner.” In their opinion, the satisfaction of Grayscale’s claim against the SEC and statements by the head of Blackrock about high customer demand for cryptocurrency only confirm the thesis that the digital asset market may enter a bullish phase in the very near future.