Alex Krüger Believes Bakkt Will Recover Bitcoin’s Price, Maps out 2019 and 2020 Bull Run
Alex Krüger Believes That Bakkt Will Be The Recovery Support for Bitcoin, Leading Them To The First Quarter Of 2019
Alex Krüger is a well-known economist, primarily focusing on the cryptocurrency industry. Recently, he made some predictions on Bitcoin on Twitter. The three predictions he made, which are “a chronological sequence” were:
- “Bull run on BAKKT & renewed ETF approval narrative early 2019”
- “ETF denied Feb/27, massive crash, goodbye 6k, hello 4k, cleanse all weak hands”
- “Halvening 2020 narrative and re-adjustments lead to sustained bull run for the rest of 2019 & 2020”
Krüger believes that the key to the upcoming Bitcoin crash will be the rejected filing of the Bitcoin ETC proposed by VanEck, SolidX, and CBOE. If that happens, he thinks that the value of Bitcoin could drop as low as somewhere in the $4,000 area.
Bakkt is a platform that ICE created for cryptocurrency, and they are working on creation an atmosphere that is helpful to both retail traders and institutional investors. It aims to offer investor protection, and to create products that work with the regulations that the SEC is setting up in the United States.
By December, there should be a crypto futures market established with Bakkt, which gives Bitcoin more liquidity. So far, much of the reason that the SEC has been rejecting Bitcoin ETFs has been due to the lack of scalability to handle an ETF, if added.
Between the way that CBOE has gotten involved with the VanEck ETF, VanEck’s 200 successful ETFs, and the new presence of Bakkt to the crypto exchange market, there is more excitement regarding the pending application of the VanEck-SolidX ETF.
Krüger noted that the next few months of anticipation and excitement will end up boosting the price of Bitcoin, but that does not help in the short-term. For now, there needs to be action to establish a short-term rally. When speaking to CCN, Krüger said that the approval of this pending ETF still is unlikely, since the concerns for the SEC have not changed yet. However, if Bakkt shows that they can surpass the volumes of exchanges like Bitmex and Bitfinex, there may be a better chance. Still, two months is not much time to make that happen.
So far, Bitcoin has remained unimpacted by Bakkt, the new futures trading platform from Goldman Sachs, and the launch of Fidelity Digital Assets. Hopefully, if the ETF is rejected, that decision will not cause Bitcoin to fluctuate either.