A well-known crypto trader, technical analyst and all-around figure the crypto space, Alex Kruger has said that Bakkt will lead the recovery of Bitcoin throughout the end of this year to the start of the next.
Kruger went onto say that denial of the Bitcoin exchange-traded fund filling of SolidX, VanEck and Chicago Board Options Exchange will lead to the crash of Bitcoin, possibly leading back down to the $6,000 mark and maybe even the $4,000 level.
“Possible outlook for BTC: First, bull run on BAAKT & renewed ETF approval narrative early 2019. Second, ETF denied Feb/27, massive crash, goodbye 6k, hello 4k, cleanse all weak hands Lastly, halvening 2020 narrative and re-adjustments lead to [a] sustained bull run for the rest of 2019 & 2020.”
The trading platform, Bakkt has strict regulations on it by its developer’s ICE, the parent company of the New York Stock Exchange and is currently in the process of established an ecosystem that enables both retail traders and institutional investors to invest in the crypto market with sufficient investor protection and through products which are in touch with the regulations in the United States.
Bakkt is expected to launch a cryptocurrency futures market next month. This aims to increase the liquidity of Bitcoin. Prior to this, the US Securities and Exchange Commission rejected nine Bitcoin ETFs on the premise that the Bitcoin futures market is not a sufficient size to handle an ETF.
As said by CCN:
“The entrance of Bakkt into the cryptocurrency exchange market, the involvement of Bitcoin futures market operator CBOE in the VanEck ETF, and the track record of VanEck in filing over 200 successful ETFs with the SEC have led to an increase in anticipation towards the VanEck-SolidX ETF.”
Throughout the next two to three months, Kruger emphasized that renewed enthusiasm towards the market initiated by Bakkt and the VanEck ETF will lead the Bitcoin price surge up higher to major resistance levels.
Since August, Bitcoin failed to break out in the $6,000 area because of its low daily trading volume and relatively low trading activity in the global crypto exchange market.
As of now, the market needs a major catalyst to engage a proper short-term rally and upside movement leading to the two financial institutions being a major factor which might trigger an increase for the price of Bitcoin.