The year started for bitcoins is not very good, but there is hope for the bitcoin growth. After it losing $ 1 billion of market capitalization in the first quarter amid pressure from regulators and advertising platforms’ ban, the price of bitcoins is ready for a rebound. And it seems that this will happen in the second quarter. Brian Kelly from CNBC told us about the drivers of the bitcoins price for the new quarter, and we also added something to this.
The US tax season is almost over
April 15 marks the end of the tax season in the United States, and it is not far off. Investors who remained in profit from the rash Bitcoin rally in December should allocate money to pay Uncle Sam now, which can explain the selling pressure on the bitcoin price in March. Kelly noted that
ANY “TAX-RELATED SALES” THAT OCCURRED IN MARCH END IN A WEEK
(Separately, Kelly also stated that $ 2 billion involved in ICO Telegram might have drawn in part from BTC sales.) All this may affect bitcoin growth.
A deal with Coincheck foreseen
A potential buyer also buys Japanese Coincheck, the online broker Monex Group, is the parent company of TradeStation, based in the USA (with massive data and chart capabilities) and is publicly traded.
“THIS IS A MASSIVE INCREASE IN TRUST; NOW YOU HAVE AN ADJUSTABLE PUBLIC COMPANY IN JAPAN, BUYING A CRYPTO EXCHANGE “
CNBC said Brian Kelly, executive director of BK Capital Management.
Kelly added that this is a “massive, massive change of mood,” which can positively affect the bitcoin growth.
History indicates the bitcoin growth
If you did not want to buy a dip, March was a difficult month for bitcoins investors. But even though the price of bitcoins is falling, history, as it often happens, is repeated. March is historically an unsuccessful month for the cryptocurrency, “growth was only observed once in the last seven years [in 2013], according to the data of the Fundstrat.
THE GOOD NEWS FOR APRIL IS THAT HISTORICALLY THIS IS ONE OF THE BEST MONTHS FOR BITCOIN PRICES, “GROWTH HAS BEEN OBSERVED FIVE TIMES IN THE LAST SEVEN YEARS”
The forces behind the bitcoin are more potent than those opposing him. Although these three drivers at the cost of bitcoins seem inevitable, there may be others. For example, large bitcoin markets around the world, including the United States, are waiting for the formation of a regulatory framework to eliminate uncertainties regarding the cryptocurrency. That could be a catalyst for the cryptocurrency markets, affect the bitcoin growth, which should lead the cryptocurrency market to increase.