It’s been a hazy begin to the year for bitcoin, but here comes the sun. 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 price is ready for any rebound. And it appears the heavens are starting to align with the to occur inside the second quarter. CNBC’s Brian Kelly outlined the drivers in the bitcoin price for your new quarter, and we’ve put into them.
US Tax Season’s Nearly Over
April 15 marks get rid of tax season in the usa, and it’s coming. Investors who profited from bitcoin’s massive rally in December are receiving to get the cash to pay for The government now, that could explain a share with the selling pressure from the bitcoin price in March. Kelly noted that any “tax-related selling” that’s been happening in March is going to ended inside a nothing but every week. (Separately, Kelly also noted how the blockbuster $2 billion Telegram ICO could have attracted investments away from BTC.)
Coincheck Deal in Sight
As CCN previously reported, Japan’s Coincheck could be in your area. It is not only available but the potential buyer, online brokerage Monex Group, could be the parent company of US-based TradeStation (with massive data and charting capabilities) and is also publicly owned.
“It’s a huge confidence boost; an individual has 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 do not were thinking of buying the dip, March was difficult to watch out for bitcoin investors. But however the bitcoin price suffered, the performance only proves that history repeats itself. March is historically a dismal month to the leading cryptocurrency, “rising only 1 of the last seven years [in 2013],” much like Fundstrat data.
That’s very good news for April because historically, this can be one of the best trading months for that bitcoin price, “rising five from the last seven years,” Fundstrat says.
Other Tailwinds
The forces for bitcoin are stronger compared to the forces against it. While these three drivers in the bitcoin price appear imminent, there could be others. As an example, major bitcoin markets all over the world such as United States are awaiting a regulatory framework to take fit around take the uncertainty from the equation, among some other reasons. Maybe it’s the catalyst the cryptocurrency markets have to bring them outrageous.
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