The launch of the Bakkt cryptocurrency platform on September 23 may cause the growth of the Bitcoin rate

The event that many crypto enthusiasts have been waiting for will take place soon – in three days we will witness the official launch of the Bakkt platform , which will make it possible to make trading transactions with physical futures on Bitcoin .

Many famous people have already commented on the potential effect of Bakkt on the price of cryptocurrency. They were joined by Thomas Lee, co-founder of Fundstrat.

Get ready for the native!

Lee hastened to assure his followers on Twitter that Bakkt would become a bridge between the cryptocurrency industry and institutional investors. A sharp influx of capital into the market will certainly have a positive effect on the price of the main digital asset.

I am very positive on @Bakkt and it's ability to improve trust with institutions to crypto https://t.co/7icnJp76GE

– Thomas Lee (@fundstrat) September 20, 2019

Thomas retweeted a message from Mia Tam with a technical analysis of the chart, which you can see below. The formation of an almost symmetrical triangle is noticeable on it. Traditionally, this figure precedes a sharp spurt in the price of a trading instrument .

In other words, traders may well count on the rapid rise in price of Bitcoin (BTC) after the launch of Bakkt. By the way, the start time of the platform almost coincided with the top of the triangle – the date is marked with a white dashed line.

But other crypto enthusiasts have negative predictions. For example, CryptoGuy believes that Bakkt will cause the start of the “bear season”. After the launch of the platform, the price of Bitcoin supposedly should fall due to market manipulations. CryptoGuy draws parallels with the launch of CBOE and CME futures. Recall that a few days after these events, the price of cryptocurrency reached its historical maximum, and then began to plummet.

Recall that behind the creation of Bakkt is ICE, a network of exchanges and clearing houses for financial and commodity markets in the USA, Canada and Europe. The presence of such a large organization in the crypt is another reason for large investors to trust Bitcoin and invest in it.

The reality is that it is impossible to predict the impact of the Bakkt launch on cryptocurrencies, since such a platform has not yet existed. That is why industry representatives give both positive and polar opposite forecasts. Be that as it may, the answers to all questions will be announced on Monday, so for now we are waiting.

Publication date 09/21/2019
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