Financial analyst Ran Neuner from CNBC believes Bitcoin is about to explode in value. He expressed this confidence for a breakout in a tweet. He also believes that a price rally for BTC would be tied to a decision from the U.S. Securities and Exchange Commission about applications for Bitcoin ETF-applications.
Neuner explained his expectations by pointing to last year’s bull run. Last year’s run from November 11th 2017, when BTC was $6691, till the $20.000 on December 17th, was mainly driven by expectations surrounding a launch for BTC futures contracts.
For the past few weeks the price of bitcoin has remained stable, moving between $6000 and $6500. The price has been narrowing down for months, and the market is awaiting a breakout.
For the past months the SEC has been postponing its decisions for accepting a Bitcoin ETF-proposal. The latest decision has been postponed twice already, even though it has not been turned down yet.