Bitcoin (BTC) Price Shows a Potential October Bullish Breakout, or Bakkt’s September 23rd Launch
A multitude of investors and traders are presaging October as the breakout month of Bitcoin (BTC). A possibility of a ”no deal” Brexit is set to happen, bullish technical indicators and the launch of the long awaited Bakkt Futures are all set to converge in the months of September and October – is Bitcoin (BTC) set to break its all-time high price before the end of the year?
Bakkt physical settled futures
Intercontinental Exchange’s (ICE) Bakkt is finally offering its physically settled Bitcoin futures starting September 23rd. The wait is over after several challenges facing the futures contracts including the U.S Securities and Exchange Commission (SEC) regulation challenges.
Speaking on the launch of physically settled Bitcoin futures, the CEO of ICE, Jeff Sprecher, said,
“That infrastructure has attracted a lot of very, very interesting companies that have come—some that have invested in Bakkt, some are just working with Bakkt to try to tap into that infrastructure for some new use cases that will involve blockchain and digital assets and other things that we can provide these people.”
BEG announced on Aug 28. Bakkt will start custodial services to ensure security of their users’ digital assets through their Warehouse storage starting September 6.
Brexit: A ‘no deal’ to boost Bitcoin
The second factor expected to boost the price of BTC in the final quarter of the year is the possibility of a “no deal” Brexit. British citizens are currently in one of the worst constitutional crisis in the past 500 years, which is pushing investors to look for safe haven assets to hedge against the risks of a failing economy in case no deal is reached.
Technical indicators point to September 23rd
In a post published on CryptoSlate, Bitcoin’s price is forming a symmetrical triangle on the 1 day charts. Such an indicator shows the likelihood of a consolidation phase before a potential bullish breakout at the convergence point. Coincidentally, as seen on the chart below, the symmetrical triangle converges on the 23rd of September. Is the market reacting to Bakkt Futures announcement?
Technical chart showing a potential consolidation of BTC's price before a bullish breakout on the 23rd September (Source: Trading View)