• About us
  • Contact Us
  • Privacy & Policy
CryptoCoinNewsHub.com
No Result
View All Result
Saturday, July 11, 2020
  • Home
  • Live Updates
    • Cryptocurrency Prices
    • Live ICO
    • Live Exchange
  • Crypto News
    • Bitcoin
    • Ethereum
    • Ripple
  • Blockchain
  • Tech
  • Business
  • Trading
CryptoCoinNewsHub.com
  • Home
  • Live Updates
    • Cryptocurrency Prices
    • Live ICO
    • Live Exchange
  • Crypto News
    • Bitcoin
    • Ethereum
    • Ripple
  • Blockchain
  • Tech
  • Business
  • Trading
No Result
View All Result
CryptoCoinNewsHub.com
No Result
View All Result
Home Bitcoin

Bitcoin Price Flails in No Man’s Land After Bakkt Launch Underwhelms

September 29, 2019
in Bitcoin
4 min read
0
Bitcoin Price Flails in No Man’s Land After Bakkt Launch Underwhelms
152
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter

Following months of delays, Bakkt finally launched its long-awaited bitcoin futures market on Sunday evening.

Cryptocurrency bulls like Tom Lee believe Bakkt’s arrival is a watershed moment, an industry-bending event that will change bitcoin’s story forever.

You wouldn’t know it from the charts though. The bitcoin price is down, and early trading volumes haven’t been particularly impressive.

Bakkt’s BTC contract has been thinly traded so far. | Source: ICE

Crypto Analysts Remain Wary of Bakkt’s Short-Term Impact on Bitcoin

Retail investors bought into the Bakkt rumor, but it’s beginning to look like professional traders are selling the news. And according to multiple cryptocurrency analysts, the bitcoin price could be on the cusp of a significant dump.

Citing technical analysis from TradingView, The Crypto Monk predicted that BTC would suffer a sharp decline before mounting a sustained uptrend, mimicking its behavior in 2017.

The Crypto Monk is short-term bearish on bitcoin. | Source: Twitter

In addition, a pseudonymous account named Squeeze with over 100,000 followers predicted that the Bakkt launch would be “anti-climatic.” The analyst expects to see a slow bleed after a brief rally.

Squeeze sees a bull trap coming. | Source: Twitter

Writing over the weekend, crypto trader Josh Rager warned that the bitcoin price could test $9,600 but said that he expected that support level to hold.

His analysis is currently facing a critical test. BTC dropped below $9,700 this morning, and it’s not yet clear if bulls will hold the line.

Another trader is bearish on bitcoin now that Bakkt has arrived. | Source: Twitter

Trader Mayne also sees weakness in the cryptocurrency market. The analyst wrote that BTC needs to reclaim the ~$10,100 level to avoid further losses:

“$10,088.5 is a key level to regain for bulls, looking weak right now I’m not sure another range low test holds.”

In other words, Mayne wouldn’t be surprised if bitcoin broke below support at $9,000.

RELATED  Morgan Creek Co-Founder Says It’s Better for Most Investors to HODL Crypto
Mayne anticipates a dump amid the Bakkt launch fallout. | Source: Twitter

While these bearish forecasts may sound like bad news for bitcoin, a sell-off could help lay the foundation for a stronger rally later on.

After shaking out weak hands, the market might generate the momentum needed to restart bitcoin’s bullish trend, which failed to extend past the $10,000 mark on multiple occasions.

Crypto Twitter’s Biggest Bull Weighs in on Bakkt

On the other hand, some cryptocurrency traders believe Bakkt’s launch is not a fundamental catalyst for the bitcoin price.

We spoke to trader Majin just before the launch. Though he ranks among bitcoin’s biggest bulls, he’s not enthusiastic about Bakkt’s short-term influence on BTC.

“[The Bakkt launch] will be a non-event,” he said. “And then when the price starts picking up, people will say Bakkt is irrelevant and be bearish.”

Elliot Wave analyst BenjaminBlunts is also neutral about the Bakkt launch. He said he wants to see how much volume the new market will attract before he forms a stronger opinion.

“Right now I’m neutral,” he concluded. “I think we’re in no man’s land.”

Click here for a live bitcoin price chart.


Credit: Source link

  • Trending
  • Comments
  • Latest
Singaporean Exchange Bitrue Gets Hacked, Losing $5 Million in XRP, Cardano

Singaporean Exchange Bitrue Gets Hacked, Losing $5 Million in XRP, Cardano

June 27, 2019
Bittrex Set to Block Trading of 42 Coins for U.S Traders

Bittrex Set to Block Trading of 42 Coins for U.S Traders

June 22, 2019
Zilliqa Price Analysis ZIL / USD: Prison Break, Round 2

Zilliqa Price Analysis ZIL / USD: Prison Break, Round 2

June 11, 2019
U.S. Clean Energy Firm Clearway Energy Will Test Blockchain for Renewable Energy Trading

U.S. Clean Energy Firm Clearway Energy Will Test Blockchain for Renewable Energy Trading

June 29, 2019

Confiscated Bitcoins by Tax Agents Remain in a Criminal’s Wallet

February 7, 2020

XRP Beats Ethereum and Bitcoin as the Best Performing Crypto

February 1, 2020

Robin Hood- Problems in more than just Sherwood Forest

January 28, 2020

One Wallet Has 27% of Ether in Old MakerDAO Network

January 26, 2020
CryptoCoinNewsHub.com

CryptoCoinNewsHub.com is an online news portal which aims to provide latest trendy crypto news around the world with real time updates.
Email us hello@cryptocoinnewshub.com

Topics to Cover

  • Bitcoin
  • Blockchain
  • Business
  • Crypto News
  • Ethereum
  • Ripple
  • Tech
  • Trading

Whats New Here!

  • Confiscated Bitcoins by Tax Agents Remain in a Criminal’s Wallet
  • XRP Beats Ethereum and Bitcoin as the Best Performing Crypto
  • Robin Hood- Problems in more than just Sherwood Forest

Subscribe to get more

Simply subscribe to our newsletters and we will be in touch. Don't worry, we won't spam you

© 2019 CryptoCoinNewsHub.com - All rights reserved

No Result
View All Result
  • Home
  • Live Updates
    • Cryptocurrency Prices
    • Live ICO
    • Live Exchange
  • Crypto News
    • Bitcoin
    • Ethereum
    • Ripple
  • Blockchain
  • Tech
  • Business
  • Trading

© 2019 CryptoCoinNewsHub.com - All rights reserved

  • bitcoinBitcoin(BTC)$8,152.26-0.70%
  • ethereumEthereum(ETH)$175.30-1.63%
  • rippleXRP(XRP)$0.252799-0.58%
  • bitcoin-cashBitcoin Cash(BCH)$242.68-2.16%
  • tetherTether(USDT)$1.000.27%
  • litecoinLitecoin(LTC)$55.01-1.92%
  • eosEOS(EOS)$3.11-2.39%
  • binance-coinBinance Coin(BNB)$18.56-2.84%
  • cardanoCardano(ADA)$0.042556-2.10%
  • stellarStellar(XLM)$0.064655-3.04%
  • tronTRON(TRX)$0.016891-2.25%
  • moneroMonero(XMR)$58.64-0.32%
  • neoNEO(NEO)$11.682.51%
  • iotaIOTA(MIOTA)$0.245122-1.96%
  • dashDash(DASH)$65.431.15%
  • nemNEM(XEM)$0.039494-0.75%