CNBC Analyst: Bitcoin Price Going to Explode Soon
The host of cryptocurrency show called ‘Crypto Trader’, Ran Neuner of CNBC said BTC prices are about to explode in the near future as he thinks SEC’s Bitcoin ETF approval could help prices to rise even further.
Neuner tweeted this week with saying:
“I just bought bitcoin for my parents. It’s too obvious that it’s about to explode.”
He said he predicts much bigger increase if ETF gets approved and it will have a dramatic impact on the markets.
”Last year, around this time, BTC went from $6,691 (Nov. 11) to $20,000 (Dec. 17) in 5 weeks. This on the back of the expectation and launch of a cash settlement BTC futures contract.”
“An ETF is a way bigger deal and requires the actual purchase of BTC. 2 looming SEC decision deadlines ahead.”
Worth noting that Neuner said he expects Bitcoin to close 2018 with the price of $50,000 so we need to be careful before deeply believing into those statements.
Also considering Yale’s Bitcoin investment fund and many other technical developments, we can expect Bitcoin to surge a rally from now on. Back in April, the chief investment officer of crypto investment firm BlockTower Capital, Ari Paul stated many of the world’s biggest universities will start to invest in cryptocurrency related products.
“I do think it’s inevitable from a few angles,” Paul said. “Even if they never believe in it as an asset class, they’re smart enough to recognize the alpha opportunity.”
“Endowments could pull the trigger at any moment. They’re on the fence.”
We all hoping for a price increase on Bitcoin, that is for sure. Because, if Bitcoin manages to catch the same levels as last year, many of the alternative coins will also rise dramatically. Especially considering lots of investors entered the space before the start of this year, it will be necessary for them to cut out on losses.
But also worth noting that Bitcoin is nothing similar to the traditional assets so we need a huge data or any other stuff to correctly predict the next price movement of Bitcoin.