No ATH! Bitcoin Is At These Levels In December!

Ran Neuner, host of CNBC’s Crypto Trader show, thinks the Bitcoin price will largely recover this year as the Fed changes its mind and lowers interest rates. But ATH will not reach…

CNBC analyst sets 2023 ceiling level of Bitcoin price

“Between today and the end of the year, I see Bitcoin definitely go above $50,000,” Neuner said in a recent Kitco News interview. Neuner, who is also the Co-Founder and CEO of OnChain Capital and has more than two decades of experience in finance, claimed that “The Fed is entering a easing cycle.” Here, it is predicted that the Fed will turn from its hawkish decisions and lower interest rates.

“Even though Fed Chairman Jerome Powell took a very strong stance at his last conference, the market did not believe what he said,” Neuner said. “The market expects three rate cuts this year,” he added.

Neuner’s forecast comes in the middle of the Fed’s tightening cycle, with the Fed raising the key policy rate by 25 basis points on March 22. The Federal Reserve increased interest rates by 475 basis points last year to combat high inflation.

Binance woes continue

The world’s largest crypto exchange, Binance, is facing lawsuits by the Commodity Futures Trading Commission (CFTC), which accuses the company of deliberately evading federal law and operating an illegal derivatives exchange. Binance’s CEO Changpeng Zhao (CZ) and its top executives are also being sued. cryptocoin.com In this article, we have included the details of the Financial Times report, which claims that the stock market is operating secretly in China.

Neuner says Binance will most likely pay a fine based on civil litigation, but there may also be “criminal” charges in the future:

When I read the allegations in these documents, many of them seemed criminal to me. If we file a criminal case, then I think the game will change a bit… it could lower the price of the coin and create shock waves in the crypto ecosystem.

“I suspect Binance.US is actually managed properly”

Claiming that it is not clear exactly where Binance operates, Neuner nevertheless argued that US operations are “troublesome” from a legal standpoint:

You can deal with regulators in Seychelles and Mauritius and in such jurisdictions, but you don’t want to deal with regulators in the US. I suspect that Binance.US is actually managed properly.

Next Bitcoin rally

Despite the trouble with Binance, Bitcoin is up 72% year-to-date and the overall crypto market cap has increased 49% since January. Although central banks around the world have tightened monetary policy, Neuner argues that more liquidity is actually driving the rally:

There is more liquidity in the US in response to the collapse of the banks. There is more liquidity in China because China is starting to revive its economy… The Bank of Japan is trying to defend the yen and is putting more liquidity into the market.

Neuner suggested that Bitcoin in particular rally due to its growing role as a safe haven amid financial and geopolitical instability. This made it similar to gold, which has traditionally been seen as a hedge against uncertainty in the markets. Neuner said, “If you look at Bitcoin now, it’s actually starting to have a higher correlation with gold. “People are starting to appreciate that this might actually be an underlying improvement,” he said.

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