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CNBC Analyst Predicts Bitcoin Price Set To Explode

· 10 Oct 2018 in Cryptocurrency News
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

Ran Neu-Ner, the host of CNBC’s Cryptotrader, gave a very bullish statement on Bitcoin price. In a tweet made recently, he said that Bitcoin price is ‘about to explode.’ Additionally, he mentioned that he bought Bitcoin for his parents.

Ran Neu-Ner Bullish on Bitcoin

In his twitter account, Ran Neu-Ner has called the attention of his followers once again. Amid a very stable and low-volume crypto-market, the crypto expert said that Bitcoin is just about to explode.

Later, he wrote another Tweet in which he made a comparison between December 2017 and what can happen in 2018. Ran Neu-Ner explained that in 2017, the bull run was triggered by two institutions offering Bitcoin futures contracts. The Chicago Boards Options Exchange (CBOE) and the Chicago Mercantile Exchange (CME) started to offer cash-settled Bitcoin futures contracts.

He wrote about the virtual currency market:

“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.”

This time, the new bull run could be triggered by a U.S. Securities and Exchange Commission (SEC) approval of a Bitcoin exchange-traded fund (ETF). This would be very positive for the whole crypto market. On November 5, the SEC has set a date to receive additional comments on different ETF applications.

During this year, the regulatory agency has rejected several ETF applications. The companies submitting the ETF were ProShares, Direxion, and GraniteShares. At the same time, it has also decided to delay the approval of the VanEck Solid X Bitcoin ETF. The community speculated that it could be approved by the end of September. However, the decision can be taken in the coming months.

Since Ran Neu-Ner wrote this tweet, Bitcoin has operated stably around $6,600 dollars. Other virtual currencies experienced minor gains during the same period of time. In the last 24 hours, Bitcoin has lost 0.59% and has a market capitalisation of $114 billion dollars.

 

Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

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