A well-recognized cryptocurrency and digital assets trader and technical analyst, Alex Krger has commented that Bakkt will steer the recovery of Bitcoin throughout 2019 and the most important quarter of 2019.

Nonetheless, Krger explained the rejection of one’s Bitcoin ETF filing of Chicago Board Options Exchange (CBOE), SolidX, and VanEck will result in the crash of Bitcoin, probably back down to the crucial support level of the $6,000. Possibly this could also resulted in a plunge around the $4,000 handle, in worst of all scenario.

It will be noted that Bakkt is purportedly a strictly regulated cryptocurrency and digital asset trading platform brought to life by InterContinental Exchange (ICE), parents company of one’s New York Stock Exchange (NYSE). It’s always presently in the process of establishing an ecosystem permits both retail traders and institutional investors to obtain the digital assets and cryptocurrencies with plenty investor protection and thru products that are compliant with local regulations within the.

Bakkt is expected to produce a cryptocurrency futures market in the month of December, 2010. This will further end up in an increase in the liquidity of Bitcoin. Earlier, the Securities and Exchange Commission rejected nine Bitcoin ETFs at the premise of the fact that Bitcoin futures marketplace is not of sufficient size to supervise an ETF.

Throughout your next two to three months, technical analyst Alex Krger emphasized that renewed enthusiasm towards the market initiated by Bakkt also, the VanEck ETF lets the price of Bitcoin to climb to major resistance levels.

Bitcoin has failed to break out of the $6,000 region since August. The reason is , its low daily trading volume and comparatively low trading activity in the global cryptocurrency exchange market.

Therefore, by today, the market will need a major catalyst to get a proper short-term upside movement, as well as the two financial institutions could be a major component that may trigger the asking price of Bitcoin to increase.

The launch of Bakkt, improvement Goldman Sachs Bitcoin futures trading platform, as well as release of Fidelity Digital Assets have not at all had any impact on the price of the dominant cryptocurrency in earlier times few months.

The prospect that this rejection within the ETF doesn’t necessarily significantly impact the price of BTC still exists. However, that depends on the narrative that’s set by investors as well as the media while in the upcoming months as well as the expectation on the ETF.