As the upward accumulation phase continues, Bitcoin is moving closer to exceeding its current yearly high of $38,390.

This uptick is driven further by the expectation surrounding the US Securities and Exchange Commission’s (SEC) approval of Bitcoin spot exchange-traded funds (ETFs).

Bloomberg ETF expert Erich Balchunas said in a recent post on social media platform X that there’s a 90% chance of approval by the SEC by Jan 10.

He stated that although uncertainty remains over specific timelines, the SEC and issuers are working hard to ensure ETFs are ready for this cycle, News BTC reports.

Balchunas stated: “People asking me if we changed odds. No, we still holding line at 90% odds of approval by Jan 10 (aka this cycle), the same odds we’ve had for months (before it was cool/safe). What we watching for now: more amended/final filings to roll in and clarity on in-kind vs cash creates.”

The world’s largest cryptocurrency is ready for a possible breakout in the coming months, before and after the forecast approval of these investment products. Indeed, as reported by News BTC, Bitcoin could reach as high as $50,000 before the expected halving event in April.

As such, BTC needs to hold its position above the key support level of $35,000, which serves as a threshold for future gains, both prior to and following the approval of spot ETFs.

Maintaining this support level will be key to establishing BTC’s prospects for ongoing growth and market performance, the report adds.

Bitcoin is trading at $37,700 at the time of writing, a 0.7% fall over the past 24 hours, and time will tell whether we’ll see a consolidation over the $38,000 mark.