It’s been a hazy start to 4 seasons for bitcoin, but here comes sunlight. After shedding $119 billion-plus from the market cap in Q1 amid pressure from regulators as well as the cold shoulder from advertising platforms, the bitcoin price is ready to get a rebound. And yes it appears the celebrities are beginning to align to the to occur inside the second quarter. CNBC’s Brian Kelly outlined the drivers of the bitcoin price to the new quarter, and we’ve combined with them.
US Tax Season’s Nearly Over
April 15 marks the end of tax season in america, and it’s near. Investors who profited from bitcoin’s massive rally in December are experiencing to get the money to spend Uncle Sam now, that could explain a share of 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 ended inside a nothing but every week. (Separately, Kelly also noted the blockbuster $2 billion Telegram ICO may have attracted investments far from BTC.)
Coincheck Deal in Sight
As CCN previously reported, Japan’s Coincheck might be on the market. It’s not only available for sale though the potential buyer, online brokerage Monex Group, may be the parent company of US-based TradeStation (with massive data and charting capabilities) and is also openly traded.
“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 about buying the dip, March was hard 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 1 in the last seven years [in 2013],” as per Fundstrat data.
That’s great news for April because historically, this really is 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 as opposed to forces against it. While these three drivers from the bitcoin price appear imminent, there may be others. For example, major bitcoin markets around the globe like the Usa are awaiting a regulatory framework to take fit around take the uncertainty out of your equation, among some other reasons. It could be the catalyst the cryptocurrency markets must drive them too much.
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