It’s been a hazy learn to 4 seasons for bitcoin, but here comes the sun’s rays. After shedding $119 billion-plus by reviewing the market cap in Q1 amid pressure from regulators and also the cold shoulder from advertising platforms, the bitcoin prices are ready for any rebound. And it appears the stars start to align with the to occur 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 the end of tax season in america, and it’s just around the corner. Investors who profited from bitcoin’s massive rally in December have to generate the cash to spend The government now, which may explain a portion from the selling pressure from 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 within a just a week. (Separately, Kelly also noted how the blockbuster $2 billion Telegram ICO may have attracted investments from BTC.)
Coincheck Provide Sight
As CCN previously reported, Japan’s Coincheck may be on the block. Multiple on the market but the potential buyer, online brokerage Monex Group, is the parent company of US-based TradeStation (with massive data and charting capabilities) and is publicly operated.
“It’s a huge confidence boost; an individual has 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 challenging to watch out for bitcoin investors. But even though the bitcoin price suffered, the performance only proves that history repeats itself. March is historically a dismal month to the leading cryptocurrency, “rising only 1 of the last seven years [in 2013],” according to Fundstrat data.
That’s good news for April because historically, that is the most effective trading months for your bitcoin price, “rising five from the last seven years,” Fundstrat says.
Other Tailwinds
The forces for bitcoin are stronger compared to forces against it. While these 3 drivers with the bitcoin price appear imminent, there could be others. For example, major bitcoin markets around the globe such as United States are awaiting a regulatory framework to take shape to make uncertainty from the equation, among other reasons. It may be the catalyst the cryptocurrency markets should drive them extraordinary.
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