CryptoQuant analysts reveal 2 possible scenarios before spot Bitcoin (BTC) ETF approval: bullish & bearish.

Bullish scenario:
- BTC could reach local peak of $48,500 before SEC decision
- Short-term holders share may exceed 8%, indicating market overheating
- $48,500 becomes main resistance level

Bearish scenario:
- BTC price could drop 2-30%
- Key support levels at $30,000 & $34,000

Current BTC price: $46,477

What do you think? Share your thoughts in the comments!👇