It’s been a hazy will the year for bitcoin, but here comes the sun. After shedding $119 billion-plus looking at the market cap in Q1 amid pressure from regulators and also the cold shoulder from advertising platforms, the bitcoin prices are ready for the rebound. And yes it appears the celebs are beginning to align for that to happen in the second quarter. CNBC’s Brian Kelly outlined the drivers in the bitcoin price for your new quarter, and we’ve added to them.
US Tax Season’s Nearly Over
April 15 marks no more tax season in the us, and it’s coming. Investors who profited from bitcoin’s massive rally in December are having to come up with the bucks to spend Uncle Sam now, which may explain a part of the selling pressure from the bitcoin price in March. Kelly noted that any “tax-related selling” that’s been happening in March will almost certainly ended in a little more than every week. (Separately, Kelly also noted how the blockbuster $2 billion Telegram ICO could have attracted investments from BTC.)
Coincheck Deal in Sight
As CCN previously reported, Japan’s Coincheck may be in your area. It is not only for sale but the potential buyer, online brokerage Monex Group, may be the parent company of US-based TradeStation (with massive data and charting capabilities) and is publicly owned.
“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
Unless you were thinking about buying the dip, March was challenging to look for bitcoin investors. But although the bitcoin price suffered, the performance only proves that history repeats itself. March is historically a dismal month for that leading cryptocurrency, “rising just one of the last seven years [in 2013],” depending on Fundstrat data.
That’s great news for April because historically, this really is the most effective trading months for your bitcoin price, “rising five in the last seven years,” Fundstrat says.
Other Tailwinds
The forces for bitcoin are stronger compared to forces against it. While these three drivers from the bitcoin price appear imminent, there might be others. For example, major bitcoin markets worldwide including the United States are awaiting a regulatory framework to consider contour around take the uncertainty from the equation, among other reasons. It can be the catalyst the cryptocurrency markets need to bring them outrageous.
For details about bitcoin price take a look at this useful net page.