Bitcoin Rate Back Below $10,000. – ALTCOIN MAGAZINE

In this comparison, we see some similarities and differences. After the bubbles at the end of 2013 and the end of 2017, we see a very similar downward trend, which arrives on the ground after almost the same period of time. But while the epoch after 2013 is still in a long sideways phase, the current price starts again in early summer 2019 — and meets here with the price after the bubble of 2011. However, after a shorter time, it had already reached the bottom and had a longer phase of sideways movement and soft growth. The breakout of the Bitcoin price in May 2019 is an outlier compared to the two previous epochs.

Perhaps this could lead to the somewhat pessimistic conclusion that Bitcoin has stayed too short on the ground this year and that the consolidation has not lasted long enough to become the basis for a new ascent. If we wanted to be really pessimistic, the upswing to a good $10,000 could be seen as a particularly nasty bull trap, a rise that only demonstrates that the market is not yet ready, and therefore initiates a new descent that may lead even deeper than the previous one. Only then would Bitcoin be ready to go into the consolidation that will become the basis of a new upswing. Thus, the current epoch would confirm the trend that the periods of cycles are becoming longer and longer.

On the other hand, the outlier could also indicate that the markets have been licking the blood. Investors have never given up on Bitcoin or written it off — as they did in the previous epochs — but have simply waited for a time to get back in. Hardly anyone today still thinks that Bitcoin is dead, while in the previous bear markets it became an industry sport for economists and journalists to write Bitcoin death notices. And while in 2012 and 2015, real growth in demand through usage was needed to rekick-it takes time and is only building up slowly-to drive the course again, demand is already there. From here, one could oracle that collapse from the $10,000 plateau, even if it leads to $8,000 or even $5,000, is just a step on a flight of stairs above which the exchange rate is already rushing to new heights.

So you can read from the charts what you want to read.

The Influence of Futures on Bakkt

The fall below the $10,000 threshold came at an interesting time: last night Bakkt opened trading in Bitcoin futures. These futures were and are hoped to replace the ETF, which continues to be prevented by regulation and to become the gateway through which the money of institutional investors in Bitcoin flows.

The first trading day yesterday brought a volume of about 70 Bitcoin, which is not gigantic, but not so little for starters either. For today’s Monday, the volume seems to be even thinner, there have only been one or two trades of last or a total of 4 Bitcoin so far — the chart is not quite clear here. But the day in the USA has just begun, so that doesn’t say much yet.

What influence does Bakkt have on the price? Of course, this depends on investor interest. So far the price has been made on the other exchanges, and Bakkt is a channel for some whales to bring their coins to investors. As long as Bakkt remains in this passive role and does not tie up any significant volume, the impact is likely to be quite small. I suppose it will be so as long as the price goes sideways or falls.

But this could be different in a new rally. Once the price rises decisively again, Bakkt could become a portal through which a much larger group of investors can buy into the fear of missing out. Therefore, Bakkt could actually become the spark that ignites a bubble from a moderate rise. On the other hand, rallies to date have been driven by private investors, who are known to have a tendency to form bubbles. If professional investors now increasingly steer the market via Bakkt, this could also lead to less dramatic bubble formation in the future.

So there is nothing concrete to predict here either. One can only watch how things go on.