CNBC contributor and options trader Jon Najarian says one catalyst could send Bitcoin (BTC) on a sudden parabolic move.
In a new interview with trader Scott Melker, Najarian says that he believes that the U.S. Securities and Exchange Commission (SEC) will approve spot Bitcoin exchange-traded funds (ETFs), and that would send the crypto king soaring by as much as 30% in just two days.
However, he warns that BTC may dip into the $37,000 range before a possible spot market ETF approval.
“I think we’re going to get a spot Bitcoin ETF. When we do, Bitcoin will move 25% to 30% in two days. People are getting ahead of that.
I think we’ll go back down and test $37,000 again…
It seems like on the charts that’s where we had so much difficulty to the upside. And that’s where we’re likely to find support to the downside.”
Najarian also defends Bitcoin against critics like Democratic US Senator Elizabeth Warren.
“I still like [Bitcoin]. I don’t know why anybody wouldn’t, except Elizabeth Warren, and people that don’t like us to have sovereignty over our own wealth, whatever wealth that is.
It doesn’t have to be billionaires and centi-millionaires that need Bitcoin, but an awful lot of people do need it, especially if they want to force the digital dollar down people’s throats and basically control what they can spend on…
That’s what the digital dollar is. It gives them control of your wealth.”
Bitcoin is trading for $43,072 at time of writing, up 4.92% in the last 24 hours.
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