Is It Time To Buy Bitcoin? How BAKKT Will Impact The Bitcoin Price?
When should you buy Bitcoin?
Is now the right time to buy bitcoin futures?
What Impact BAAKT will have on the market? What Is The Bitcoin Chart Telling Us Today?
I hope you are doing well and I hope that you have watched yesterday's video where I have explained why we are still in a bull market and that the Bitcoin price should go higher in the coming weeks.
Now...if you do not own any bitcoin at all... by the way this is not financial advise... but if you still don't have any bitcoin and you are just wondering about it .... well I really think that you should stop pondering and you should start taking action right now.
Just click in the link in the info section and start buying some bitcoin, even if it is just a fraction of a coin, just buy whatever you can afford, without of course, putting any financial stress in your life.
What I mean by that is do not use the money you need to pay your bills or put food on the table. Be reasonable.
But if you have some spare cash that you can easily invest for at least 12 months... then you should really take action right now.
Bitcoin is here to stay. Bitcoin is internet money and just like the internet, Bitcoin is about to revolutionize the way we interact with each other, the way we trade goods, the way we exchange services.
Now for those who already have invested in cryptocurrencies but are thinking about accumulating more before prices start to spike up,
I would like to update you on the bitcoin buying set-up that I posted yesterday.
Bitcoin is still trading under our buying price of $10550, therefore we are still waiting for the price action to confirm the return of the bullish momentum.
Right now the bitcoin price is still within the short term consolidation zone.
All we have to do is wait patiently.
Now if we put the btc chart aside for a minute and if we observe what is taking place in the market... we can notice that many cryptocurrency investors are really excited by the announcement of the launch of BAKKT on the 23rd of September 2019.
Some of you might be wondering what is BAAKT?
Well BAAKT is an exchange... but it is not your usual cryptocurrency exchange.
To really put things into perspective, you must understand that BAAKT has been created by the Intercontinental Exchange, also known as I.C.E or ICE
I.C.E is the owner of the New York Stock Exchange
Let me repeat that....
BAAKT has been created by I.C.E
and I.C.E owns the New York Stock Exchange
Now how much money do you think this company can bring into the cryptocurrency market... just think about it for a minute.... whatever number you came up with.. they are probably capable to do over 10 times that.
So that the first important point about BAAKT, it is the trojan horse, that a well established exchange will use to allow its consumers and large institutions to trade Bitcoin and digital asset futures. That's the first point and it is a very important one.
The second point is as important as the first one... maybe even more.
The second point is where BAAKT stands out from its competitors.
The BAAKT crypto exchange will provide physical delivery of futures contracts. This means that investors are not just speculating on the price movement and getting paid by cash at the end. No.
Instead they can receive physical delivery of their digital asset at the end of the contract period.
BAKKT Bitcoin futures contract will have a huge impact not only on the overall trading volume, nominated in dollars, but also on the number of bitcoin available for trading.
So that's the main news... and I have to say the news is good, the news is very good,.
But from a pure technical trader point of view, the real question is how much of that news is already priced-in and can we really expect a run up before the launch.
There is a lot of hype right now... and don't get me wrong, as I said before this is a good thing because after all, human emotions are what moves markets... but as a trader, specially as a technical trader, you will be much better of just storing those news in a corner of your mind and mainly focusing on the price action.
Note that I did not say that you should ignore the news, completely I am just saying that you should not be overwhelmed by it and you should just focus on what really matters. The Price, The Price , The Price.
All Bitcoin price analysis and altcoin trading ideas that I post on this site are only the expression of my personal views on the cryptocurrency market and they should not be considered as financial advise because I am not a financial adviser.