por strategy | Mar 14, 2020 | Crypto | 0 Comentarios
Alex Krüger, a well-recognized cryptocurrency trader and technical analyst, has actually stated Bakkt will lead the healing of Bitcoin throughout 2018 and the very first quarter of 2019.
Krüger discussed that the rejection of the Bitcoin exchange-traded fund (ETF) filing of VanEck, SolidX, and Chicago Board Options Exchange (CBOE) will lead to the crash of Bitcoin, potentially back down to the $6,000 assistance level and in worst case scenario, to the $4,000 area.
“Possible outlook for BTC: First, bull run on BAAKT && renewed ETF approval story early 2019.Second, ETF rejected Feb/27, massive crash, goodbye 6k, hey there 4k, cleanse all weak hands Last but not least, halvening 2020 story and re-adjustments result in continual bull run for the rest of 2019 && 2020.” Optimism Towards Bakkt and Faith of the VanEck-SolidX ETF
Bakkt, a strictly regulated cryptocurrency trading platform developed by ICE, the moms and dad business of the New York Stock Exchange (NYSE), is currently in the procedure of establishing a community that allows both retail traders and institutional investors to buy the cryptocurrency market with adequate financier defense and through items that are certified with regional regulations in the US.In December, Bakkt is expected to release a cryptocurrency futures market, further increasing the liquidity of Bitcoin.Previously, the US Securities and Exchange Commission (SEC) turned down 9 Bitcoin ETFs on the property that the Bitcoin futures market is not of adequate size to manage an ETF.The entrance of Bakkt into the cryptocurrency exchange market, the participation of Bitcoin futures market operator CBOE in the VanEck ETF, and the performance history of VanEck in filing over 200 effective ETFs with the SEC have resulted in a boost in anticipation towards the VanEck-SolidX ETF.Throughout the next two to three months, technical analyst Alex Krüger emphasized that renewed interest towards the marketplace started by Bakkt and the VanEck ETF will enable the cost of Bitcoin to climb up back to major resistance levels.Since August, Bitcoin has actually failed to breakout of the$6,000
area due to its low everyday trading volume and fairly low trading activity in the international cryptocurrency exchange market.Hence, currently, the marketplace needs a significant catalyst to engage a correct short-term rally and upside movement, and the 2 banks could be a significant factor that might trigger the cost of Bitcoin to increase.However, talking to CCN, Krüger strongly mentioned that the likelihood of the VanEck-SolidX Bitcoin ETF being authorized stays extremely
low provided the issues of the SEC towards the state of the cryptocurrency exchange market.If Bakkt can start to demonstrate a level of volume that comfortably exceed the volume of cryptocurrency exchanges that offer derivatives or margin trading such as Bitmex and Bitfinex, the SEC might consider approving an ETF.The issue with that is, the likelihood of Bakkt exceeding the volume of existing cryptocurrency exchanges within a two-month period is relatively low.Is it Possible ETF Rejection Does Not Harmed Bitcoin Price?The launch of Bakkt, the intro of Goldman Sachs Bitcoin futures trading platform, and the release of Fidelity Digital Assets have actually not had any influence on the rate of the dominant cryptocurrency in the previous few months.The possibility that the rejection of the ETF does not extremely affect the cost of BTC still exists.That depends on the story that is set by financiers and the media in the upcoming months and the anticipation towards the ETF.Featured image from Shutterstock.Follow us on Telegram or subscribe to our newsletter here.
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