It’s been a hazy start to the entire year for bitcoin, but here comes sunshine. 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 costs are ready for any rebound. And it appears the heavens are starting to align for that to happen in the second quarter. CNBC’s Brian Kelly outlined the drivers from the bitcoin price for that new quarter, and we’ve put into them.
US Tax Season’s Nearly Over
April 15 marks eliminate tax season in the us, and it’s just around the corner. Investors who profited from bitcoin’s massive rally in December are experiencing to generate the cash to pay The government now, which could explain a part in the selling pressure inside 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 inside a nothing more than every week. (Separately, Kelly also noted how the blockbuster $2 billion Telegram ICO might have attracted investments faraway from BTC.)
Coincheck Provide Sight
As CCN previously reported, Japan’s Coincheck might be in the street. Not only is it available for sale but the potential buyer, online brokerage Monex Group, will be the parent company of US-based TradeStation (with massive data and charting capabilities) and is publicly owned.
“It’s a huge confidence boost; you now have a 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 of buying the dip, March was difficult to await bitcoin investors. But although the bitcoin price suffered, the performance only proves that history repeats itself. March is historically a dismal month for the leading cryptocurrency, “rising only one from the last seven years [in 2013],” much like Fundstrat data.
That’s very good news for April because historically, this is one of the better trading months for that bitcoin price, “rising five in the last seven years,” Fundstrat says.
Other Tailwinds
The forces for bitcoin are stronger than the forces against it. While these 3 drivers with the bitcoin price appear imminent, there might be others. For instance, major bitcoin markets worldwide like the United States are awaiting a regulatory framework to take fit around consider the uncertainty out of your equation, among some other. It could be the catalyst the cryptocurrency markets need to bring them extraordinary.
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