Today bitcoins’ value drops to 9878.23(at the time of writing) which throws a light on bitcoins trading down to about 2% of $10, 200, its value a day before. Cryptocurrency bulls appear to be stroked by the bitcoin’s inability to gain momentum which had further made many analytics states that it is likely to see a consecutive downfall in the days to come. Previously BTC has found significant support within the lower $9000 region becoming the striking focal point for the analysts in the near term.
While some analysts term it as ‘the beginning of the end’ others see it as the initiation of a new beginning in the history of bitcoins. One remarkable statement was given by Willy Woo, a popular analyst on cryptocurrencies, tweeted that it is currently in the initial phase of the next energetic bull run highlighting the history of bitcoins which had always been unpredictable and which, despite fluctuations, had seen tremendous growth in its market value.
‘’Cheatsheet map of where we are in this bull market according to on-chain metrics. We are closing up the opening act of the bull market, and awaiting the middle bull market to commence’’- said Willy.
On the other hand, UB, another crypto analyst on twitter commented about bitcoin’s fluctuating values pointing towards a further downfall.
‘’$BTC, despite the strong daily candle, bitcoin is still unable to close above diagonal resistance $10,450. You can see many examples on the hourly chart when significant wicks lead to nothing’’-UB Tweeted.
The analysts have different perspectives but the fate of bitcoins can’t be predicted with preconceived notions as they are not the chapter to be trifled with.
BAKKT: A BANQUET FOR BITCOIN LOVERS
On Monday BAKKT will be launching its Physically Deliverable Bitcoin futures contracts. Bakkt had paid a lot of time and efforts to gain regulatory certification for its upcoming daily and monthly physically delivered Bitcoin futures products. If the launch is successful tomorrow, it will be the first Bitcoins futures platform offering a physical asset. This is more than a banquet for all bitcoin lovers as it is destined to expand the bitcoin market and again stretch the expanded market.
‘’The Bakkt news is arguably the most bullish event for institutional investors in the history of bitcoin’’ tweeted cryptocurrency analyst Scott Melker. Backed by the New York Stock Exchange, the bitcoin market is expected to reach its pinnacle with an effective progress rate.
The pedestrian of Bakkt is the Intercontinental Exchange which itself is a $52 billion market cap trading colossus. It was initially expected to begin last December but factors like federal government shutdown delayed it and then facebook Libra stole the headlines, but now the long-awaited Bakkt is back which would also challenge Libra. If the exchange works as strategized, it will provide a secure, accountable and a well-monitored platform to all the institutional investors which would help to alleviate the obstacles concerning volatility and trustworthiness that have so far kept bitcoins from being widely accepted. But again the output to the input called ‘Bakkt’ will be influenced and revealed by the most prominent factor called TIME.