The rise in the price of Bitcoin is not hanging on just the spot ETF approval, the sector has a big event which is the halving coming up next year. So investors are making decisions not just based in the ETF but the halving. I don't expect the price to crash because of disapproval but it might prevent the price from going higher if it was approved. A research by Matrixport also confirmed that Bitcoin could rise without SEC approval of ETF. The analysis claim that increased liquidity, halving event and the potential for Donald Trump wining the presidential elections could still propel the price to rise. to be elected again providing further catalysts.
Bitcoin always creates the opportunity to buy or sell, so every investment should be sensitive to take advantage of any opportunity it offers at a given time. But I am not expecting anything less than an ATH next year.