It’s been a hazy start to 4 seasons for bitcoin, but here comes the sun. After shedding $119 billion-plus from the market cap in Q1 amid pressure from regulators as well as the cold shoulder from advertising platforms, the bitcoin prices are ready for any rebound. And yes it appears the stars are starting to align for that that occurs in the second quarter. CNBC’s Brian Kelly outlined the drivers with the bitcoin price to the new quarter, and we’ve put into them.
US Tax Season’s Nearly Over
April 15 marks no more tax season in the usa, and it’s near. Investors who profited from bitcoin’s massive rally in December are experiencing to come up with the money to pay for Uncle Sam now, that may explain a percentage in the selling pressure from the bitcoin price in March. Kelly noted that any “tax-related selling” that’s been happening in March will almost certainly come to an end in a just a week. (Separately, Kelly also noted the blockbuster $2 billion Telegram ICO might have attracted investments from BTC.)
Coincheck Supply Sight
As CCN previously reported, Japan’s Coincheck may be on the market. Multiple for sale however the potential buyer, online brokerage Monex Group, may be the parent company of US-based TradeStation (with massive data and charting capabilities) which is publicly operated.
“It’s an enormous confidence boost; you now have the regulated public company in Japan buying in a crypto exchange,” Brian Kelly, CEO of BK Capital Management, told CNBC.
Kelly added that “massive, massive sentiment shift.”
History Is on Bitcoin’s Side
If you don’t were thinking about buying the dip, March was challenging to watch out for bitcoin investors. But however the bitcoin price suffered, the performance only proves that history repeats itself. March is historically a dismal month for the leading cryptocurrency, “rising only 1 of the last seven years [in 2013],” as per Fundstrat data.
That’s great news for April because historically, this is among the best trading months for that bitcoin price, “rising five from the last seven years,” Fundstrat says.
Other Tailwinds
The forces for bitcoin are stronger than the forces against it. While these three drivers with the bitcoin price appear imminent, there might be others. As an example, major bitcoin markets around the globe like the U . s . are awaiting a regulatory framework to consider shape to go ahead and take uncertainty out of your equation, among other reasons. It can be the catalyst the cryptocurrency markets must drive them over the top.
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