CNBC contributor and options trader Jon Najarian says one catalyst could send Bitcoin (BTC) into a sudden parabolic move.
In a new interview with trader Scott Melker, Najarian says he believes the US Securities and Exchange Commission (SEC) will approve Bitcoin Exchange-Traded Funds (ETFs), and that this would send the crypto king soaring by as much as 30%. in just two days.
However, he warns that BTC could dip into the $37,000 range before a possible ETF approval in the spot market.
“I think we’re going to get a spot in the Bitcoin ETF. If we do that, Bitcoin will rise 25% to 30% in two days. People anticipate that.
I think we’ll go back and retest $37,000…
It seems like we had so much trouble moving in the positive direction on the charts. And that’s where we’ll probably find support in the negative sense.”
Najarian also defends Bitcoin against critics such as Democratic US Senator Elizabeth Warren.
“I still love [Bitcoin]. I don’t know why anyone wouldn’t do that, except Elizabeth Warren, and people who don’t want us to have sovereignty over our own wealth, whatever wealth that is.
It doesn’t have to be billionaires and centimillionaires who need Bitcoin, but a lot of people do, especially if they want to shove the digital dollar down people’s throats and actually control what they can spend on…
That’s what the digital dollar is. It gives them control over your wealth.”
Bitcoin is trading at $43,072 at the time of writing, up 4.92% in the past 24 hours.
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