Next Week to Dictate The Direction Bitcoin Will Move In The Coming Months
- Next week’s two big events will help make Bitcoin’s mind up
- Bakkt’s first settlement of BTC futures changes the whole game, prominent analyst
- But ICE founder, company behind Bakkt says, it’s intense curiosity, no demand yet
- “Awaiting the middle bull market to commence” – Willy Woo
The whirlwind week is finally coming to an end.
It has been this week that we took a sharp fall to $9,600 but managed to remain above $9,400 level that trader Josh Rager said would have been bad for BTC price.
Then the next day, we jumped right back above $10,300. However, since then BTC has been slowly making its way downwards.
At the time of writing, Bitcoin has been trading at $9,9983 with 24 hours loss of 2.15%, as per Coincodex. Real 24 hours trading volume is also low at just $485 million.
However, Bitcoin might come to a decision as trader BitBitCrypto says, “next week will dictate the direction for the next month and after.”
Big Events Coming Up
Next week there are two big related events that will help make Bitcoin’s mind up.
The first one is the launch of Bakkt that will introduce physically delivered daily and monthly Bitcoin futures.
Analyst are excited about this launch with Bitcoin bull and Fundstrat’s Tom Lee said, “I am very positive on Bakkt and its ability to improve trust with institutions to crypto.”
The above still stands but this is starting to look concerning.
There is a limit to how many times support can hold and BTC is fast approaching it.
The chart is preparing fireworks for the Bakkt launch (23 September). pic.twitter.com/BzqC4oskwb
— DonAlt (@CryptoDonAlt) September 21, 2019
Prominent analyst PlanB, who is known for his stock-to-flow model, recently came on a podcast with Preston Pysh that it will make Bitcoin more attractive for investors.
While comparing Bakkt to CME and that the former is settled in fiat unlike the latter, and “that changes the whole game because it can be arbitrage between CME and Bakkt.”
However, “It's not demand yet, it's intense curiosity,” said ICE's founder and CEO, Jeff Sprecher.
Moreover, he shared that it will take weeks or months before Bakkt is judged to be a hit or flop by its Wall Street audience.
“It's like opening night,” Sprecher said, “Everyone is nervous.”
Another event is the expiration of CME Bitcoin futures towards the end of next week.
Awaiting the middle bull market to commence
Meanwhile, analyst Willy Woo shares a series of Bitcoin price charts based on on-chain metrics that says,
“We're closing up the opening act of the bull market, and awaiting the middle bull market to commence.”
Trader CryptoWolf shares similar sentiments as he observes that on-chain metric is in line with traditional TA which means “further sideways is to be expected for the next months.”
He did throw out “mostly it’s alt time,” as well as Bitcoin’s trading range gets thinner.