CNBC Analyst Predicts Bitcoin Price Is ‘About To Explode,’ Citing ETF Buzz

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Bitcoin price

Cryptocurrency analyst Ran Neuner — host of the CNBC show Crypto Trader — believes BTC prices are “about to explode,” citing bullish market buzz about the near-term possibility of an SEC-approved bitcoin ETF.

“I just bought bitcoin for my parents. It’s too obvious that it’s about to explode,” Neuner tweeted on October 7.

Neuner said the mounting expectation that the Securities and Exchange Commission could soon approve a bitcoin ETF could send prices through the roof.

Countdown To SEC Deadline

Neuner, the CEO of crypto investment firm Onchain Capital, noted that around this time last year, BTC surged on reports that a cash-settled futures contract would launch.

Neuner reasoned that SEC approval of a bitcoin ETF would be much bigger news than a futures contract, and would have a more dramatic impact on the market.

CNBC crypto trader ran neuner
Ran Neuner is bullish about bitcoin. Credit: CNBC

“Last year, around this time, BTC went from $6,691 (Nov. 11) to $20,000 (Dec. 17) in 5 weeks,” Neuner tweeted. “This on the back of the expectation and launch of a cash settlement BTC futures contract.”

He continued: “An ETF is a way bigger deal and requires actual purchase of BTC. 2 looming SEC decision deadlines ahead.”

That said, predictions by any crypto expert should be viewed cautiously. Because the industry is still young and unregulated, there are a lot of unforeseen factors that could affect prices.

Keep in mind that in February 2018, Ran Neuner predicted that BTC would top $50,000 by the end of the year. So far, it does not appear that this forecast is realistic given current market conditions.

Meanwhile, the SEC has set a November 5 deadline to review nine bitcoin ETF applications. As CCN previously reported, some market experts predict that a bitcoin ETF is likely to be approved in early-2019.

In July 2018, the SEC rejected the Winklevoss twins’ second attempt to launch an exchange-traded fund that tracks the price of bitcoin. The agency had rejected Cameron and Tyler Winklevoss’ first such application in March 2017.

While the virtual currency market slumped over the summer, several key developments could be setting the stage for a near-term rally and a longer-term market run-up.

Yale Invests In Two Crypto Funds

As CCN has reported, Yale University — whose endowment tops $29 billion — recently invested in two crypto-focused venture funds.

In doing so, Yale became the first university endowment to invest in cryptocurrencies, in a sign that institutional investors are starting to embrace digital currencies as investment vehicles.

While Yale’s allocation in crypto is reportedly small, even a 1 percent allocation would approach a staggering $290 million.

Analysts say Yale’s foray into virtual currencies will undoubtedly trigger a chain reaction that could open the floodgates for other institutional investors to start pouring money into crypto funds.

Top universities typically copy what their peers do, so if one massive endowment signals that crypto is worthwhile, others will parrot their moves.

CIO: Investment ‘Herd Mentality’ Will Take Over

In April 2018, Ari Paul — the chief investment officer of crypto investment firm BlockTower Capital — said it was “inevitable” that several super-rich universities would start investing in cryptocurrencies this year, as CCN reported.

“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.”

Ari Paul, the former portfolio manager for the University of Chicago, said several pension funds and university endowments began researching crypto-investments as early as 2015.

“Endowments could pull the trigger at any moment,” Paul said. “They’re on the fence.”

Featured image from Shutterstock.

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