CNBC Analyst Believes Bitcoin (BTC) Price Ready To Explode With Upcoming ETF Decision

The cryptocurrency analysts and expert at CNBC, Ran Neuner, believes that the price of  Bitcoin is ready to embark on a bull run, citing the upcoming ETF approval as a good catalyst that will push the market forward.

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The cryptocurrency analysts and expert at CNBC, Ran Neuner, believes that the price of  Bitcoin is ready to embark on a bull run, citing the upcoming ETF approval as a good catalyst that will push the market forward.

Bitcoin ETF approval could lead to a market surge

Ran Neuner tweeted on October 7 that he expects the price of Bitcoin to explode. This surge in prices could probably lead to Bitcoin reaching a new all-time high and Neuner added that he bought Bitcoin for his parents.

In another post on the same day, Neuner tweeted that last year, BTC went from $6,691 (Nov 11) to $20,000 (Dec 17) in 5 weeks on the back of the expectation and launch of a cash settlement BTC futures contract.

According to Neuner, an ETF is even bigger news as it requires the actual purchase of BTC – with the looming SEC approval on the line, he believes the Bitcoin price could surge past last year’s record highs.

The primary cause of Neuner’s enthusiasm was news that the commission recently outlined a new timeframe for when it would assess and evaluate the NYSE/Pro Shares and GraniteShares proposals, adding that it would make a decision on the issue by November 5 at the latest.

Neuner has been known as a Bitcoin bull for a long time and believes that the future of Bitcoin and other cryptocurrencies is definitely near, despite the SEC rejecting all the Bitcoin ETF proposals that were submitted in the past.

The SEC cited some irregularities, such as issues of market manipulation and the fact that the cryptocurrency market is not properly regulated as the reasons the proposals were rejected.

However, the general consensus among crypto experts is that the commission will approve the current proposals as SEC is now made up more of cryptocurrency enthusiasts led by ‘Crypto Mom’ Hester Peirce, who has always supported a Bitcoin ETF.

Bitcoin ETF would cause a market surge bigger than that of the futures market

Neuner pointed out that the major catalyst behind the rally last year was the approval that the Chicago Board Options Exchange (CBOE) and the Chicago Mercantile Exchange (CME) received to launch Bitcoin futures by the CFTC.

The two Bitcoin futures were listed in September which triggered the Bitcoin price to surge to an all-time high of roughly $20,000. The market has been on a downtrend since then.

Neuner now believes that the SEC approving the Bitcoin ETF proposals would be bigger news than Bitcoin futures contracts. Interested investors interested in the investment would have to physically acquire Bitcoin, which is good for the cryptocurrency market.

With an ETF, market experts believe that the long-awaited institutional funds would finally enter the cryptocurrency market. If that happens, then the price of Bitcoin is expected to grow massively.

Nouriel Roubini looking to buy the dip

Neuner on the same day tweeted that popular economist Nouriel Roubini is “talking down cryptocurrency so he can buy the FUD” after Roubini claimed that decentralization in crypto is a myth, claiming that the system is more centralized than North Korea.

Roubini claims that miners are centralized, exchanges are centralized, developers are centralized dictators (Buterin is “dictator for life”) and the Gini inequality coefficient of bitcoin is worse than North Korea

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