Bakkt Analysis
Updated
A quick analysis of what can happen with BTC.
I saw a symmetrical triangle in the daily chart of BTC. Which will probably break out upwards due to the strong support around 9500. I think the price of btc will go sideways until the launch of Bakkt. When Bakkt launches without any obstacles there will be more demand for digital currenties, which will eventually lead to a higher price of Bitcoin.
A lot of crypto enthusiasts believe in a massive bullrun around that time. Not only because of the launch of Bakkt, but also cause the halving of mining. Which will lead in a smaller generated supply of Bitcoin.
Concluding: There will be a higher demand on bitcoin, but also a smaller supply. Which can possibly be a good reason for a massive bullrun.
I saw a symmetrical triangle in the daily chart of BTC. Which will probably break out upwards due to the strong support around 9500. I think the price of btc will go sideways until the launch of Bakkt. When Bakkt launches without any obstacles there will be more demand for digital currenties, which will eventually lead to a higher price of Bitcoin.
A lot of crypto enthusiasts believe in a massive bullrun around that time. Not only because of the launch of Bakkt, but also cause the halving of mining. Which will lead in a smaller generated supply of Bitcoin.
Concluding: There will be a higher demand on bitcoin, but also a smaller supply. Which can possibly be a good reason for a massive bullrun.
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The break out of the triangle became bearish. The bearish breakout stopped around the support level of $9500. The trend is now going up again and is facing the resistance level of $9800.
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