It’s been a hazy start to the entire year for bitcoin, but here comes sunlight. After shedding $119 billion-plus from its market cap in Q1 amid pressure from regulators as well as the cold shoulder from advertising platforms, the bitcoin costs are ready for any rebound. And yes it appears the celebs are starting to align for that to happen in the second quarter. CNBC’s Brian Kelly outlined the drivers with the bitcoin price for the new quarter, and we’ve included with them.
US Tax Season’s Nearly Over
April 15 marks the end of tax season in the us, and it’s approaching. Investors who profited from bitcoin’s massive rally in December are having to come up with the money to pay for Uncle Sam now, which could explain a share of the selling pressure from the bitcoin price in March. Kelly noted that any “tax-related selling” that’s been happening in March will probably ended in a nothing more than weekly. (Separately, Kelly also noted that this blockbuster $2 billion Telegram ICO might have attracted investments far from BTC.)
Coincheck Supply Sight
As CCN previously reported, Japan’s Coincheck may be on the market. Not only is it available though the potential buyer, online brokerage Monex Group, could be the parent company of US-based TradeStation (with massive data and charting capabilities) and is publicly owned.
“It’s a huge confidence boost; there are a regulated public company in Japan buying in a crypto exchange,” Brian Kelly, CEO of BK Capital Management, told CNBC.
Kelly added that “massive, massive sentiment shift.”
History Is on Bitcoin’s Side
If you don’t were thinking of buying the dip, March was challenging to watch out for bitcoin investors. But even though the bitcoin price suffered, the performance only proves that history repeats itself. March is historically a dismal month for that leading cryptocurrency, “rising only one in the last seven years [in 2013],” as per Fundstrat data.
That’s nice thing about it for April because historically, that is the most effective trading months to the bitcoin price, “rising five of the last seven years,” Fundstrat says.
Other Tailwinds
The forces for bitcoin are stronger compared to forces against it. While these three drivers with the bitcoin price appear imminent, there may be others. As an example, major bitcoin markets around the world such as the Usa are awaiting a regulatory framework to take fit around take the uncertainty out of the equation, among some other reasons. It could be the catalyst the cryptocurrency markets have to drive them outrageous.
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