Bitcoin can go up for weeks from now with occasional red candles.
Well, if the ETF is approved, this is the full fiatisation of bitcoin. Given that the block chain bitcoin doesn't work well any more (the blocks are full, the delays are long, transactions are uncertain to get through), bitcoins must now become "gold in the vaults of banks" who will issue IOU for them, which people will then use as bitcoins. Only very big transactions between "financial centers with agreements with miners" will happen on the block chain, which will be essentially inaccessible for normal users.
And it is the only way to keep bitcoin "alive", and its price may very well go to unexplored heights. But its day-to-day use will be fiatised, and the consortium of financial centers and miners will be the equivalent of the FED.
Comment by: Dinofelis
Source: http://www.coindesk.com/sec-decide-bitcoin-etf-fate-friday/