A lot of things have changed in the crypto market today. And though Bitcoin has been trading around $6,500 for quite some time and its volatility has somewhat calmed down, there are those that are expecting yet another bull run.
It is seen by others that investors are holding on to their Bitcoin waiting for another bull run. And what are the factors that could affect another bull run? For one, you have Bakkt that is about to launch in November. In addition to this, you have the impending SEC ruling regarding Bitcoin ETF.
The reason behind the Bitcoin ETF application rejections by the SEC is due to the possibility of price manipulation in the market. Among those that have been denied included the second application of Cameron and Tyler Winklevoss.
The good news though is that there are those who believe that a decline in Bitcoin’s volatility explains that price manipulation is no longer as rampant compared to before.
However, if you are going to ask crypto analyst and the host of CNBC’s show Cryptotrader Ran Neuner, he claims that Bitcoin’s price is “about to explode”. He even said that “I just bought Bitcoin for my parents”.
He mentioned on a tweet that the next bull run is most likely tied to the impending decision of the US Securities and Exchange Commission regarding the CBOE Bitcoin ETF application. He explained that the last year’s rally from “$6,691 (Nov 11) to $20,000 (Dec 17)” was “on the back of expectation and launch of a cash settlement BTC futures contract”.
There are those that claim that a Bitcoin ETF is expected to get institutional investors to invest in the crypto market. Investors don’t even have to own their Bitcoin in order to participate in the market. And overall, this could bring Bitcoin to a broader recognition especially on Wall Street.
But of course, there are those experts who think that a Bitcoin ETF isn’t really what the industry needs right now. Vitalik Buterin, for instance, commented that adoption should be the priority. And also Andreas Antonopoulos he thinks that a Bitcoin ETF could potentially open floodgates to price manipulation.
He said that “I’m going to burst your bubble. I know a lot of people really want to see an ETF happen because ‘too the moon’ and ‘lambos’ and all that. I think it’s a terrible idea. I still think it’s going to happen… I’m actually against ETFs”.
Other than the Bitcoin ETF, there is also the US Commodity Futures Trading Commission confirmation that both Chicago Board Options Exchange and Chicago Mercantile Exchange are eligible to have their Bitcoin futures.
On December 11, the Chicago Board Options Exchange (CBOE) is set to launch its Bitcoin futures no December 11. As for the Chicago Mercantile Exchange (CME), it is expected that the Bitcoin futures is set after December 17 which is the same day that Bitcoin was able to hit the historic high of $20,000.
Given the development in the market today, is Ran Neuner correct in his prediction that Bitcoin is going to go up in value once again in the fourth quarter of the year?
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