It’s been a hazy start to 4 seasons for bitcoin, but here comes sunshine. 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 price is ready for any rebound. Plus it appears the stars are beginning to align for your to take place 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 the usa, and it’s just around the corner. Investors who profited from bitcoin’s massive rally in December are having to come up with the bucks to pay for The government now, that may explain a percentage of the selling pressure in the bitcoin price in March. Kelly noted that any “tax-related selling” that’s been happening in March will almost certainly end inside a nothing but a week. (Separately, Kelly also noted that the blockbuster $2 billion Telegram ICO may have attracted investments from BTC.)
Coincheck Deal in Sight
As CCN previously reported, Japan’s Coincheck could be in the street. Not only is it available but the potential buyer, online brokerage Monex Group, is the parent company of US-based TradeStation (with massive data and charting capabilities) and is also openly traded.
“It’s a massive confidence boost; you now have a regulated public company in Japan buying 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
Unless you were looking to buy the dip, March was challenging to watch for bitcoin investors. But although bitcoin price suffered, the performance only proves that history repeats itself. March is historically a dismal month to the leading cryptocurrency, “rising just one in the last seven years [in 2013],” depending on Fundstrat data.
That’s nice thing about it for April because historically, this is one of the best trading months to the bitcoin price, “rising five in the last seven years,” Fundstrat says.
Other Tailwinds
The forces for bitcoin are stronger compared to the forces against it. While these 3 drivers with the bitcoin price appear imminent, there might be others. As an illustration, major bitcoin markets around the world like the U . s . are awaiting a regulatory framework to look at fit around take the uncertainty out of your equation, among some other. It can be the catalyst the cryptocurrency markets have to drive them over the top.
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