Can Bakkt be a Rescue for  BTC?

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As we predicted at the beginning of August, Bitcoin came back to the levels around $12,000, however, the bullish trend was not fixed. The last month of summer has started optimistically for the leading cryptocurrency but bears pushed BTC back to the range between $10,000-$10,200, where it is located now. 

Fundamental Factors 

The beginning of August was not saturated for Bitcoin in terms of the news background. However, it did not stop the main cryptocurrency from rising to the $12,000 mark over the five days. 

The following fundamental factors were prominent for Bitcoin in August:

Even though Bakkt has set the launching of Bitcoin futures on September 23, the crypto community ignored this news. Moreover, the day afterward BTC rolled back to the area of $10,000. 

Another vital event concerning Bitcoin was its highest hash rate ever. On August 19, it set a new record and reached 82.5 TH/s. A well-known economist and former trader Max Kaiser believes that the price of BTC will certainly repeat the upward movement of its hash rate chart. In other words, an increase in the hash rate will be followed by an increase in the rate of Bitcoin.

The last but not the least crucial factor relates to the dominance index of Bitcoin. Bitcoin dominance has grown to its highest level over the last 28 months. The index almost reached 70% according to  CoinMarketCap.

Expert Opinion

There is no one single opinion about Bitcoin price predictions among cryptocurrency analysts. Some experts say that Bitcoin forecast is going to be bullish soon, while others are more pessimistic in their predictions for Bitcoin rate. Although BTC continues located in the bullish wave since the beginning of 2019, bearish bitcoin price prediction 2018 might still be relevant.

Bloomberg Intelligence analyst Mike McGlon and the general partner of Blockchain Capital Spencer Bogart shared their point of view regarding Bitcoin price forecast. According to Mike McGlone, Bitcoin price prediction 2019 tends to be neutral in terms of the price forecast. 

Spencer Bogart believes that BTC seems to be a safe asset from a long-term perspective. The expert noted the possibility of further growth in its value, which will be based on the continued adaptation of the cryptocurrency and the advantages of the new financial instrument over fiat.

A famous cryptocurrency enthusiast and co-founder of Morgan Creek Digital Anthony Pompliano also gave his opinion on Bitcoin projections.  He said that in the end, Bitcoin will be included in the portfolio of each institutional investor.

Technical Analysis

Coming back to Bitcoin predictions 2019, the chief crypto keeps stagnating since the beginning of August. Its rate has almost unchanged over the last 7 days. 

Name

Ticker

Market Cap

Price 

Volume (24h)

Change (1h)

Change (24h)

Change (7d)

Bitcoin

BTC

$181 819 111 286

$10,162,6

$17 244 643 689

-0,28%

0,21%

-0,79%

BTC/USD

On the 1D chart, Bitcoin remains under bearish mood, suggesting a further price decline below the psychological $10,000 mark. 

The decreasing trading volume confirms the upcoming price drop. The lines of the MACD indicator are also moving downward, which means that the downtrend is about to continue in September 2019. In this regard, the price is likely to locate in the yellow corridor as it is outlined on the chart. 

According to the 4H chart, Bitcoin prediction is neither bullish no bearish. The RSI indicator is located sideways, meaning that BTC is likely to fluctuate between the range of $9,800-$10,500 shortly. The trading volume index also confirms such a scenario.

The price of BTC is trading at $10,125 at the time of writing.

The Bottom Line

Summing up BTC price prediction for September 2019, the technical analysis does not coincide with the fundamental one. Concerning the fundamental factors, the launch of Bakkt is likely to have a positive impact on the cryptocurrency market.

The fact that the press release about Bakkt did not push the market up right away is natural, because the lower the price of Bitcoin now, the more it can be purchased on the eve of the upcoming growth. Even in December 2017, a few weeks before the launch on CME, the price fell several times from $17,000 to $13,000 and only then started to grow.

The arrival of new major players is always the increasing volatility and not mandatory mythical growth. As of December 18, 2017, became a historic day for Bitcoin, so it can become September 23, 2019.



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