3 reasons for Bitcoin price to rise in Q2 2018
This year has been a dangerous start for Bitcoin, but it looks like the sun is coming up soon, according to analysis at CCN. Bitcoin price poised for a rebound after regulatory crackdown and advertising platforms backsliding. CNBC’s Brian Kelly has identified those that will affect the price of Bitcoin for the next quarter.
Tax season is nearing the end of the US
April 17 marks the end of tax season in the United States and this date is right in front of us. Investors who took advantage of Bitcoin’s massive rise in December had to pay Uncle Sam, who could explain some of the selling pressure in Bitcoin price in March.. Kelly noted that any tax-related sale that took place in March will expire in a little over a week.
Coincheck sale
As it is known, Tokyo-based Coincheck exchange was officially sold today.. The buyer of the exchange, financial services company Monex Group, is the parent company of US-based TradeStation and is publicly traded.
BK Capital Management CEO Brian Kelly told CNBC:
“This greatly increases trust; you currently have a regulated and publicly traded company in Japan that owns a cryptocurrency exchange.”
Date is on Bitcoin’s side
If you didn’t expect to buy at the bottom, March bear has been a tough one for Bitcoin investors. However, despite the Bitcoin price falling, this performance only proves that history repeats itself.. March is historically a bad month for the leading cryptocurrency, according to data from Fundstrat.
This is good news for April, retrospectively, as it’s one of the best months for Bitcoin’s price.. Five of the last seven years, the price of Bitcoin has surged in April, according to Fundstrat.
Other tailwinds
Forces on Bitcoin’s side are stronger than forces against it.. While these three factors of Bitcoin price are very close to it, there may be other factors as well.. For example, major Bitcoin markets around the world, including the United States, are waiting for a regulatory framework to take uncertainty out of the equation.. This could act as a catalyst for the cryptocurrency market that needs to rise.