Neuner is quite positive on the approval of Bitcoin ETF in short-term and believes that it would lead to a money-flood in the crypto market.
The host of the CNBC’s Crypto Trade show – Ran Neuner thinks that the Bitcoin consolidation is almost over and it’s ‘about to explode’. In a series of tweets, cryptotrader Neuner explained that why he thinks investors should start buying cryptocurrencies. To support his claims, Neuner cites the near-term possibility of a Bitcoin ETF approval by the SEC.
Neuner believes that the approval from the SEC could trigger Bitcoin price surge raising it exponentially. He believes that the approval of Bitcoin ETF would be a much bigger news than the Bitcoin futures. This would, in turn, lead to a flood of institutional money flowing into the market. Moreover, Neuner also noted that last year around this time, the new of Bitcoin futures arrival caused BTC to hit its all-time high by December 2017.
Ran Neuner Tweets
Below is the series of tweets from Neuner in the last few days.
I just bought Bitcoin for my parents. It’s too obvious that it’s about to explode…
— Ran Neuner (@cryptomanran) October 7, 2018
Last year,around this time,BTC went from $6691 (Nov 11) to $20000 (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 & requires actual purchase of BTC.2 looming SEC decision deadlines ahead.
— Ran Neuner (@cryptomanran) October 7, 2018
Furthermore, Neuner continued saying:
“An ETF is a way bigger deal and requires the actual purchase of BTC. 2 looming SEC decision deadlines ahead.”
Note that many analysts, including Neuner, had put lofty targets for Bitcoin price by end of 2018.
In February 2018, Neuner said that Bitcoin would climb to $50,000 by 2018-end. However, looking to the current market conditions, things don’t seem to be going that way.
For the record, I am pinning this tweet. Bitcoin will finish 2018 at $50 000.
— Ran Neuner (@cryptomanran) February 2, 2018
Moreover, it is been observed that Bitcoin is remaining pretty range bound and consolidating around $6500 for quite some time. In a word with Bloomberg, commodity strategist Mike McGlone said that this is the beginning where cryptocurrency market is establishing itself as a maturing asset class.
McGlone said: “This is a maturing market, so volatility should continue to decline. When you have a new market, it will be highly volatile until it establishes itself. There are more participants, more derivatives, more ways of trading, hedging and arbitraging.”
Bitcoin Price Moving Towards a ‘Classic Breakout Pattern’
In a word with CCN, EToro senior market analyst Mati Greenspan said that the Bitcoin price is heading to a “classic breakout pattern”. Greenspan cited two previous occasions this year where this pattern was observed and post that Bitcoin price shot upside. Greenspan is positive on a similar occurrence in the future.
Greenspan’s recent prediction is based on the technical charts and the predicted price movement of Bitcoin. In the chart, he shows that a 200-day moving average (DMA) has sustained above its resistance line for about “half a dozen” times. He says that a strong breakout about 200 DMA can alter the trading sentiment majorly pushing the Bitcoin price northwards.
BTC/USD | Source: eToro/Mati Greenspan
“In fact, we can see that it [the 200 DMA] has bounced off this line about half a dozen times this year,” he wrote. “A strong breakout above the 200 Day Moving Average could easily flip sentiment from bearish to bullish for many cryptotraders.”
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