It’s been a hazy learn to the year for bitcoin, but here comes the sun. After shedding $119 billion-plus by reviewing the market cap in Q1 amid pressure from regulators and the cold shoulder from advertising platforms, the bitcoin cost is ready for the rebound. And it appears the heavens are starting to align with the to take place within the second quarter. CNBC’s Brian Kelly outlined the drivers of the bitcoin price for your new quarter, and we’ve included with them.
US Tax Season’s Nearly Over
April 15 marks no more tax season in the usa, and it’s near. Investors who profited from bitcoin’s massive rally in December have to generate the money to pay for Uncle Sam now, that could explain a portion from the selling pressure in the bitcoin price in March. Kelly noted that any “tax-related selling” that’s been happening in March is going to come to an end in a just a week. (Separately, Kelly also noted that the blockbuster $2 billion Telegram ICO could possibly have attracted investments away from BTC.)
Coincheck Deal in Sight
As CCN previously reported, Japan’s Coincheck may be on the market. It is not only for sale nevertheless the potential buyer, online brokerage Monex Group, will be the parent company of US-based TradeStation (with massive data and charting capabilities) and it is openly traded.
“It’s a massive confidence boost; you now have the regulated public company in Japan buying in to 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 about buying the dip, March was tough to watch for bitcoin investors. But although bitcoin price suffered, the performance only proves that history repeats itself. March is historically a dismal month for that leading cryptocurrency, “rising merely one in the last seven years [in 2013],” depending on Fundstrat data.
That’s very good news for April because historically, this really is one of the better trading months for 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 in the bitcoin price appear imminent, there might be others. As an example, major bitcoin markets around the globe including the United States are awaiting a regulatory framework to take shape to make uncertainty out from the equation, among some other reasons. Maybe it’s the catalyst the cryptocurrency markets have to bring them over the top.
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