Well-recognized cryptocurrency technical analyst and trade Alex Krüger has made three important predictions with respect to the BTC price movements. Krüger said that the arrival of ICE’s Bakkt platform will be the major trigger for the BTC price recovery by end of 2018 and almost during the first quarter of 2019.
On the other hand, he also went to say that the rejection of CBOE Bitcoin ETF could possibly lead to a crash in the Bitcoin price. However, in the worst case scenario, Bitcoin can go to as low as $4000. Here’s what Krüger tweeted as Bitcoin celebrated its tenth birthday on 31st October.
Possible outlook for $BTC:
#1 Bull run on BAAKT & renewed ETF approval narrative early 2019
#2 ETF denied Feb/27, massive crash, goodbye 6k, hello 4k, cleanse all weak hands
#3 Halvening 2020 narrative and re-adjustments lead to sustained bull run for the rest of 2019 & 2020
— Alex Krüger 🇦🇷 (@Crypto_Macro) November 1, 2018
Let’s have a look into why are these two events so important for the Bitcoin’s next leg of its journey.
The Euphoria Surrounding the Arrival of Bakkt
NYSE parent – Intercontinental Exchange (ICE) announced the launch of Bakkt platform, in early August 2018. This was the biggest stamp on the reports of growing institutional involvement in the cryptocurrency space. With the Bakkt platform, ICE aims to make it absolutely easy for crypto enthusiasts to buy, sell and important spend their crypto assets in everyday life.
The Bakkt ecosystem will facilitate participation from all – retail traders as well as institutional players. Moreover, the Bakkt platform will be completely regulated. It means that it will list all crypto products compliant with the U.S. regulations. Additionally, it will satisfy the institutional requirement of a safe, secure and trusted platform.
Most importantly, big business corporations like Microsoft, BCG, and Starbucks have pledged their support to Bakkt. Also, Bakkt is likely to launch its physically-settled Bitcoin Futures contract by December 2018. Hence global crypto investors have pinned high hopes to the arrival of Bakkt.
Huge Expectations of the CBOE Bitcoin ETF Arrival
Well, Bitcoin ETFs and the U.S. regulatory agencies, especially the SEC, has shared a hostile relation for quite some time. The SEC has been rejecting a number of Bitcoin ETFs in the past citing that the products as still not ready to handle crypto market manipulations.
However, investors have pinned-up high hopes from the CBOE Bitcoin ETF filed by VanEck and SolidX. These ETFs were filed recently in June and takes into considerations all the SEC observations of the past. Many experts believe that the CBOE Bitcoin ETF will arrive by March 2019.
Moreover, the launch of Bakkt Bitcoin Futures will give the CBOE Bitcoin ETF a strong platform. This is because the ETF is tied to the Bitcoin futures movements and liquidity. Krüger says that the arrival of Bakkt futures contracts by the end of 2018 will play a big role.
First that it will bring a renewed optimism among Bitcoin investors which can lead to a huge price pullback. Second is that the ETF arrival in March will carry forward this optimism that will help to continue with the price rally ahead.
If things actually fall in place, we can also see a huge inrush of institutional money in the crypto space that is long been awaited. A much recent report from Morgan Stanley already suggests that institutional money inflow in the crypto market is on a gradual increase.