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Veteran Trader Ran Neuner Predicts Altcoin Price Drop
- Ran Neuner predicts a significant dip in altcoin prices following the anticipated approval of the Spot Bitcoin ETF, a typical “sell the news” event where prices fall after a hyped event.
- Neuner’s followers are sceptical of his prediction about an altcoin dip post the Spot Bitcoin ETF approval.
- The crypto community is abuzz with anticipation and uncertainty regarding the potential approval of several Spot Bitcoin ETFs around January 8-10.
- This comes amidst a mix of SEC rejection fears and hopes for approval, while analysts suggest that recent hiccups and amendments may not indicate further delays.
Crypto Banter Foresees Altcoin Dip
Ran Neuner, also known as Crypto Banter, recently shared a tweet from a few days ago saying “you were warned.” In his original post Neuner said the Spot Bitcoin ETF approval would lead to a massive selling event for the altcoin market.
The market is telling you that the ETF approval will be a sell the news event for altcoins. The probability of approval is above 99% and altcoins are weak. This is a clear signal that the ETF trade that has pumped the market for 203 days is now over.
Ran Neuner A “sell the news” event is a situation where the price of altcoins falls following the announcement or occurrence of a highly anticipated event. This phenomenon happens because traders and investors often buy altcoins in anticipation of a positive news event or development, expecting that the news will drive the price up.
Followers React to Banter
However, once the event occurs or the news is released, they sell their holdings to realise profits. This widespread selling causes the price of the altcoins to drop, sometimes significantly. This has coined the phrase “buy the rumour, sell the news,” where the anticipation of an event has a greater impact on price than the event itself.
Nevertheless, Neuner’s followers seem to have very different opinions, with one calling him “Ran Cramer,” referring to Jim Cramer, the CNBC host who is famous for making the wrong calls.
Others noted that as long as you are not using leverage, then you should be ok.
Crypto Community Anticipates ETFs
The news over the past few weeks have been occupied with ETF rumours, expert speculations, and amended filings. We are currently in the window during which many industry experts agreed we would see the approval of several Spot Bitcoin ETFs all at once – January 8-10.
The industry is still torn between an SEC rejection – largely based on politics and Gary Gensler’s crusade against crypto – and an approval, based on the deadline pushed forward many times by the regulator.
With FUD (fear, uncertainty and doubt) surfacing earlier today, Bloomberg analyst James Seyffart said while more hiccups can be expected and more amendments likely to come in, this isn’t necessarily a sign of further delays.
Author
Aaron Feuerstein
Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.
