An Expert Opinion on Bitcoin’s Future
CNBC contributor and options trader, Jon Najarian, believes that Bitcoin (BTC) may experience a sudden parabolic move due to a significant catalyst. In a recent interview with trader Scott Melker, Najarian expresses his confidence in the approval of spot Bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC). According to Najarian, such approval could propel the crypto king to skyrocket by as much as 30% within a short span of two days.
A Temporary Dip Before a Potential Spike
Despite his positive outlook, Najarian cautions that Bitcoin might face a temporary dip and fall to the $37,000 range before a potential spot market ETF approval. He emphasizes that this price level has historically posed substantial resistance on the charts.
Why Najarian Remains Bullish on Bitcoin
In addition to his optimistic stance on Bitcoin, Najarian affirms his continued support for the digital asset. He expresses puzzlement over individuals, such as Elizabeth Warren, who hold a negative view on Bitcoin and are against the concept of individuals having control over their own wealth. According to Najarian, Bitcoin epitomizes the idea of having sovereignty over one’s wealth, highlighting the significance of the digital dollar.
At the time of writing, Bitcoin is trading at $43,072, marking a 4.92% increase in the past 24 hours.
Investing in Bitcoin Requires Caution
Before delving into any high-risk investments involving Bitcoin, cryptocurrency, or digital assets, investors are strongly advised to conduct thorough due diligence. It is essential to acknowledge that all transfers and trades are undertaken at one’s own risk, and any consequent losses are the sole responsibility of the investor.