It’s been a hazy start to the entire year 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 for any rebound. Also it appears the heavens have started to align for that to occur inside the second quarter. CNBC’s Brian Kelly outlined the drivers with the bitcoin price to the new quarter, and we’ve included with them.
US Tax Season’s Nearly Over
April 15 marks eliminate tax season in the United States, and it’s approaching. Investors who profited from bitcoin’s massive rally in December have to generate the bucks to spend Uncle Sam now, that could explain a percentage 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 end in the little more than a week. (Separately, Kelly also noted that the blockbuster $2 billion Telegram ICO might have attracted investments far from BTC.)
Coincheck Deal in Sight
As CCN previously reported, Japan’s Coincheck could possibly be in your area. It is not only on the market 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 traded.
“It’s a tremendous confidence boost; you now have a regulated public company in Japan buying right into 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 looking to purchase the dip, March was difficult to await bitcoin investors. But although bitcoin price suffered, the performance only proves that history repeats itself. March is historically a dismal month for your leading cryptocurrency, “rising only 1 from the last seven years [in 2013],” as per Fundstrat data.
That’s good news for April because historically, this is one of the better trading months to the bitcoin price, “rising five with the last seven years,” Fundstrat says.
Other Tailwinds
The forces for bitcoin are stronger compared to the forces against it. While these 3 drivers from the bitcoin price appear imminent, there could be others. For example, major bitcoin markets worldwide such as the United States are awaiting a regulatory framework to consider contour around consider the uncertainty out of the equation, among some other reasons. It may be the catalyst the cryptocurrency markets need to drive them outrageous.
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