First bull run of Bakkt to lead the recovery in the month of February of Bakkt and renewed ETF approval in the starting of the year 2019. Second, denied ETF plan was on 27/Feb, massive crush, goodbye 6k, hello 4k, cleanse leanse all weak hands Lastly, halvening 2020 narrative and re-adjustments lead to sustained bull run for the rest of 2019 & 2020.”
In December, Bakkt is expected to launch a cryptocurrency futures market, further increasing the liquidity of Bitcoin. Previously, the US Securities and Exchange Commission (SEC) rejected nine Bitcoin ETFs on the premise that the Bitcoin futures market is not of sufficient size to handle an ETF.
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.
Bakkt will lead the recovery of Bitcoin, throughout the year 2018 and in the first quarter of 2019.
The Kruger explained that the rejection of the Bitcoin exchange-traded fund (ETF) filing of VanEck, SolidX, and Chicago Board Options Exchange (CBOE) will lead to the crash down in the first quarter of the year 2019, possibly come back at $6,000 and may lead down by $4,000 regions.
The launch of Bakkt, the introduction of Goldman Sachs Bitcoin futures trading platform, and the release of Fidelity Digital Assets have not had any impact on the price of the dominant cryptocurrency in the past few months.
The possibility that the rejection of the ETF does not hugely affect the price of BTC still exists. But, that depends on the narrative that is set by investors and the media in the upcoming months and the anticipation towards the ETF.