As bitcoin dropped below $5000, a massive feeling of fear was created amongst all cryptocurrency holders and traders started to panic sell their coins which may be what the buyers waiting to buy at cheap desired of. BTC is currently trading at $4661 according to CoinGecko. The major financial media has predicted a further 70% drop in the upcoming time and foresees bitcoin to a $1500 low while other analysts at Bloomberg and other international media houses are predicting bitcoin is fall around $1000. But is this really a prediction or a clever strategy?
Bitcoin Support Level
The major support level of $6000 was broken as bitcoin went below this range. Also, another major support at around $5800 and $5100 was broken as the coin went below $5000 mark. Now the next major support level lies at around $3600 from where the price is predicted to rise again somewhere between $5500 to $6000.
Upcoming Cryptocurrency ETP
Bitcoin is predicted to see massive gains with the upcoming cryptocurrency ETP which was recently approved by the Switzerland authorities. The upcoming ETP “Amun Crypto traded product” will start trading on “SIX” Exchange which is one of the largest exchange in Europe with a market capitalization of over $1.6 Trillion. The ETP will be tracking an index of top 5 cryptocurrencies that is: Bitcoin, XRP, Ethereum, Bitcoin Cash and Litecoin. The trading ticker of the ETP is “HODL”, the best term for every cryptocurrency enthusiast. The first step to launch a cryptocurrency based ETF by the Swiss Authorities marks a start of more and more ETF approvals on the way which would eventually lead to massive adoption and rapid price increase.
Bakkt Launch
The first physically backed cryptocurrency futures exchange Bakkt is going to launch this December. Cryptocurrency Analysts have predicted a massive bullish momentum for all cryptocurrencies especially bitcoin after the launch of Bakkt.
Bakkt is being launched by the Intercontinental Exchange which will provide a fully regulated cryptocurrency service to all its customers. Physical Bitcoin will be stored in the warehouse to back the trading. The Intercontinental Exchange has anticipated a whopping $270 Billion to move in just the 1st year of the service.
Bakkt has already made major partnerships with industry giants such as Starbucks which will start accepting cryptocurrency payments and Microsoft for leveraging the Azure Platform. Also, many great hedge funds have already invested in the Bakkt project such as Alan Haward hedge funds.
The real motive of Bakkt launch is to build an open platform that will help to unlock the potential of cryptocurrencies around the global markets and commerce.
