Alex Krüger, well-known cryptocurrency operator and technical analyst, he said Bakkt will lead the recovery of Bitcoin in 2018 and in the first quarter of 2019.
But Krüger has explained that the rejection of the VanEck, Bitxin Exchange Traded Fund (ETF) exchange files, SolidX and Chicago Board Options Exchange (CBOE) will lead to the collapse of Bitcoin, possibly falling back to the support level of $ 6,000 and, at worst, in the region of $ 4000.
"Possible prospects for BTC: first, run on BAAKT and renewed narration of ETF approval at the start of 2019. Second, the ETF denied February 27, massive accidents, goodbye 6k, hi 4k, clean up all the weak hands Finally, narrow down the narrative of 2020 and the adjustments lead to an upward run for the rest of 2019 and 2020. "
Optimism Towards Bakkt and Faith of ETF VanEck-SolidX
Bakkt, a rigidly regulated cryptocurrency trading platform developed by ICE, the parent company of the New York Stock Exchange (NYSE), is currently in the process of creating an ecosystem that allows retailers as well as institutional investors to invest in the market cryptocurrencies with sufficient investor protection and through products that comply with local regulations in the United States.
In December, Bakkt is expected to launch a cryptocurrency futures market, further increasing Bitcoin's liquidity. Previously, the US Securities and Exchange Commission (SEC) rejected nine Bitcoin ETFs on the premise that the Bitcoin futures market is not large enough to handle an ETF.
The entry of Bakkt into the cryptocurrency currency market, the involvement of the Bitcoin CBOE futures market operator in the VanEck ETF and the VanEck track record in presenting over 200 successful ETFs with the SEC led an increase in expectations for VanEck-SolidX ETF.
During the next two or three months, the technical analyst Alex Krüger emphasized that the renewed enthusiasm for the market initiated by Bakkt and the ETF VanEck will allow Bitcoin's price to go back to the most important resistance levels.
Since August, Bitcoin has failed to exceed the $ 6,000 region due to its low daily trading volume and relatively low trading activity in the global cryptocurrency trading market.
So, starting now, the market needs an important catalyst to start a proper short-term rally and upward movements, and the two financial institutions could be an important factor that could increase the price of Bitcoin.
However, speaking to CCN, Krüger has firmly stated that the likelihood of the approval of the VanEck-SolidX Bitcoin ETF remains extremely low given the SEC's concerns about the state of the cryptocurrency currency market.
If Bakkt can begin to demonstrate a volume level that easily surpasses the volume of cryptocurrency trading that offers derivatives or margin operations like Bitmex and Bitfinex, the SEC could consider approving an ETF. The problem is that the probability that Bakkt will exceed the volume of exchanges of cryptocurrencies existing within a two month period is rather low.
Is it possible that the refusal of the ETF does not damage the price of the bitcoin?
The launch of Bakkt, the introduction of the Goldman Sachs Bitcoin futures trading platform and the release of Fidelity Digital Assets had no impact on the price of the dominant cryptocurrency in recent months.
The possibility that the refusal of the ETF does not significantly affect the price of BTC still exists. But this depends on the narrative that is imposed by investors and the media in the coming months and by anticipation of the ETF.
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