BAKKT: Road to $100,000+ starts in november?

[Wind_FURY]

This is 100% hype and nothing more.Last year  Segwit and Lightning Network  were promoted as the big "solution" that bring bitcoin to the masses and make the btc price 100K USD.They are in the past.Now this BAKKT company/project  is supposed to make the newbies believe that the price will skyrocket,so they could start buying lots of btc.By the way,BAKKT is a horrible name/brand.Is this name some kind of abbreviation?

Segwit is a malleability fix and has opened Bitcoin to make inclusive soft forks for Schnorr and other "upgrades". The "increase" in block size was a side-effect. The Lightning Network is an off-chain scaling solution. None of the developers have said that both of them would make Bitcoin "skyrocket".

But I agree that Bakkt press release is hype.

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[Shinpako09]

That sounds great but I wouldn't expect much about it. It's just a prediction after all. Well, atleast I have read something good rather than reading FUD by a newly made account. If this was true, for sure haters will still have a negative to say.

[Dr.Osh]

well, maybe I should hold bitcoin a little more to see, and get involved in this price increase. well, I really hope bitcoin prices will be higher after October. I think this is a crisis year for crypto users. we haven't seen a very high price for now.

[1Referee]

for example imagine an employee who sets aside 5% of his monthly paycheck to invest in bitcoin. he can't hang around in the market watching when the rise ends and when it reaches the bottom to buy while holding those 5%s each month until the bottom is reached! he buys each month. and in a couple of years when bitcoin is a lot higher like $100k he already has a considerable amount of bitcoin stored.

How do you know people are actually doing that, and at what scale? Nothing changes the fact that the majority (ok, not everyone) of the people during bull runs buy themselves into the momentum, and not in Bitcoin's long term whatever it may be price. If you look at how many coins there are in circulation right now, it's far more than before the bull run started. That doesn't indicate people locking their coins away for the long term.

The few people actually investing in Bitcoin for the long term can't even dent the selling force that we're already dealing with and will deal with even more the higher the price climbs up. We need something to spark buyer interest to get rid of the floating coins, otherwise it can take more than a year from now before we see improvement.

[BitcoinNewbie15]

Sounds beautiful to the ears but i think Bitcoin $100,000 is  really impossible to happen because the more the Bitcoin will become too expensive to purchase then the more of the small time investors will be force to shift to Altcoins because it is much cheaper to start for an investments. Maybe $20k to $30k is much possible and i hope that it will be before this year would end.

A lot of people have this mentality but it just plain isn't true. That's what happened towards the end of 2017, a lot of newbies saw how much BTC was and how cheap these other coins are, so they bought them instead. Doesn't make sense though, as owning one full coin is just psychological. Owning .01 BTC is the same as owning one litecoin. It doesn't matter if you have one full coin or not, as I said, that's purely psychological. If Bitcoin hits $100k, small-time investors can still buy Bitcoin in small denominations.

[BrewMaster]

...ICE aims to transform bitcoin into a trusted global currency

what the actual fuck?!
who do they think they are LOL. bitcoin is already a trusted global currency because it is decentralized and secured and more importantly because it is working without needing station in US exchanges to make it so

kidding aside, this is not all a bad thing. at least they see bitcoin as what it actually is (a currency).

[fabiorem]

100,000$ is not a possible short term target

No, but the OP said it is a "road" to 100k, not that it will be 100k right on November. This road can take months or years.

introducing middleman (trusted party) that is expressly rejected by the bitcoin protocol

Rejected not only by the protocol, but by the users as well. However, the sheeple think otherwise, as they love the State, regulations, media, churches, institutions dictating their thoughts. Its how they are. If we want massive adoption and price increase, we will have to learn to live with it.

[buwaytress]

Nope. We'll remain below $10,000 for the rest of the year. We are dealing with plenty of bagholders and floating coins that need to be bought up. In other words, there is too much selling pressure, and more selling pressure will pop up once bagholders are tempted to sell.

On paper everything around BAKKT sounds great, but we can't just assume that it will even remotely dent the market without seeing them put their words to work.

We have been bombarded with good news that theoretically could do this or that to Bitcoin's price in a positive manner, but everything the mainstream media hypes up is doomed to fail. Interesting counter point is that the mainstream media isn't at all convinced of an ETF approval, which gives me a little bit more believe in a positive outcome.

This is the outcome I'm likelier to believe I'll see too, and I think it suits me just fine. I will admit, if we see a new low this year more than once, I'll be slightly deflated, but I've been fully expecting 10k not to be seen again for over a year.

Selling pressure is massive, you've got the bagholders like you said, you've got the first wave of institutional investors who got in mid 2017 regretting they didn't push the button in Dec/Jan (yes, that's when they started coming in, not lurking in wait like they want us to believe), we've also got a lot of PE funds who entered in the same period needing to clear some performance figures by December 2018. So every bit of new money coming in will be staved off by all these waiting in line for their share of the rises.

Also more evidence that news, good or bad, doesn't really change market pressure, even if sentiment can sway.

[aqila baruroh]

to reach a price of $ 100k it takes a very long time, it is impossible that it will happen in 1 or 2 years. in that trip, the price of bitcoin will definitely experience a correction.

[gentlemand]

to reach a price of $ 100k it takes a very long time, it is impossible that it will happen in 1 or 2 years. in that trip, the price of bitcoin will definitely experience a correction.

The correction is happening now. Reaching six figures is possible if there's another bubble. The halving is in 2020, plus the current bubble will be completely put to bed by then. That makes it the most likely candidate for more insanity.

[cellard]

A lot of people that got in at the peak of MtGox got in for the long term, they understood they were potentially buying the peak, but at the same time, when Bitcoin goes parabolic sky is the limit and nobody knows if you are buying at a good time or not.

I don't think so. Everyone with common sense will simply pass on peak levels and wait for the price to settle at way lower levels. Bitcoin has always proven to fall down significantly after every bull run. If people pull the trigger and buy at peak levels, it's mostly done to book very short term profits because they buy into the momentum, and not Bitcoin's long term potential. That directly applies to all the peak buyers of last year.

People are strong holders as long as the price keeps going up, but they get REKT during a longer term downtrend. If the price jumps up they will likely liquidate under or close to their break-even point. Some might end up holding through longer, but then they will sell later on anyway. In other words, the short term market has to deal with various levels of selling pressure depending on how much it goes up.

We've had "it's a bubble don't buy" news evey since. You either get in or don't. People that bought at $3000 bought into an all time graph that looked pretty bubble-ish. But if they got in because they understood the fundamentals, then they would be ready for anything. And actually the ones that did turned out great not because it peaked at $20000 but because it flattened above $3000 (I doubt we are going to ever be at $3000 again)

It's all about how you approach your entry point. I say if someone has 0 BTC, they should get some immediately, and just hold it. If you understand the fundamentals you can forget about USD valuations. You understand the risk is actually not owning any and trying to time the market waiting for a dream entry point that may not come.

You only graduate in Bitcoin after surviving a 70%+ crash and holding thought it alive.

[Irvinn]

I think that the growth of the bitcoin price will be at least from October, but up to one hundred thousand dollars it will not reach the end of the year, nor in the near future. In general, I doubt that bitcoin will ever reach a price of one hundred thousand dollars. As soon as he periodically rises in price, immediately there will be various circumstances that will prevent such growth of his rate.

[figmentofmyass]

Bakkt is a trojan horse for so many reasons:
1. paper over "real" btc
2. control over which accounts/funds transact and which don't
3. introducing middleman (trusted party) that is expressly rejected by the bitcoin protocol

etc, etc

I don't give a s-t about any perceived liquidity "positives".
Negatives make it a stillbirth.

finally, an opinion i can get behind!

i really wish bitcoiners with dollar signs in their eyes would stop glorifying third party custodians and acting like paper "backed" by BTC is a good thing for anybody. even once we get past the issue of trust, paper markets (because of their heavy volume) can also potentially be used to manipulate the market. just ask gold traders.

[Wind_FURY]

...ICE aims to transform bitcoin into a trusted global currency

what the actual fuck?!
who do they think they are LOL. bitcoin is already a trusted global currency because it is decentralized and secured and more importantly because it is working without needing station in US exchanges to make it so

kidding aside, this is not all a bad thing. at least they see bitcoin as what it actually is (a currency).

"Trust" is a security hole. One of the motivations on why Bitcoin is continually being developed is to give the world a permisionless, trustless form of "hard" money. It also made the term "do not trust, verify".

But you are correct. If they believe they are needed to make Bitcoin a "trusted brand of currency", then Bitcoin may have gone over their heads.

[NeuroticFish]

This is 100% hype and nothing more.Last year  Segwit and Lightning Network  were promoted as the big "solution" that bring bitcoin to the masses and make the btc price 100K USD.They are in the past.Now this BAKKT company/project  is supposed to make the newbies believe that the price will skyrocket,so they could start buying lots of btc.By the way,BAKKT is a horrible name/brand.Is this name some kind of abbreviation?

The ETF approval in August 10 was also seen as the ultimate step to turn the market bullish, although everybody was saying the the ETF news are just hype and the chances to pass now are slim.
And the result? The ETF was postponed and Bitcoin have lost more 500$ in less than 10 hours.

[aoluain]

Bakkt is a trojan horse for so many reasons:
1. paper over "real" btc
2. control over which accounts/funds transact and which don't
3. introducing middleman (trusted party) that is expressly rejected by the bitcoin protocol

etc, etc

I don't give a s-t about any perceived liquidity "positives".
Negatives make it a stillbirth.

finally, an opinion i can get behind!

i really wish bitcoiners with dollar signs in their eyes would stop glorifying third party custodians and acting like paper "backed" by BTC is a good thing for anybody. even once we get past the issue of trust, paper markets (because of their heavy volume) can also potentially be used to manipulate the market. just ask gold traders.

The post which stands out for me also is by Biodom above.
Its the word "trusted" in the OP'S screenshot. We dont need trust, bitcoin doesnt need trust.
It sounds like they dont like the trustless nature if Bitcoin, they are looking to make it something it isnt.

[buwaytress]

This is 100% hype and nothing more.Last year  Segwit and Lightning Network  were promoted as the big "solution" that bring bitcoin to the masses and make the btc price 100K USD.They are in the past.Now this BAKKT company/project  is supposed to make the newbies believe that the price will skyrocket,so they could start buying lots of btc.By the way,BAKKT is a horrible name/brand.Is this name some kind of abbreviation?

The ETF approval in August 10 was also seen as the ultimate step to turn the market bullish, although everybody was saying the the ETF news are just hype and the chances to pass now are slim.
And the result? The ETF was postponed and Bitcoin have lost more 500$ in less than 10 hours.

I don't think SW and LN were the big solutions or hyped. At least not by the developers or Bitcoiners, typically the hype (as well as scorn) was poured over it by the non-Bitcoiners. SW was in the works for many years, as will be LN. These are natural, organic development upgrades, to me. As natural and organic as scaling solutions can be.

Can't and won't give a care about Bakkt and whatever institutional nonsense people will come up with. Whatever effect they have on price (I don't think much) is temporary, and will be forgotten in the grand scheme.

[jakelyson]

Maybe in the beginning it will push the price up. That is only while the hype is on. That always happens when there is something new about bitcoin. But when the dust settles, I believe it will not have that much effect on the price of bitcoin. It will be just another long and dragging correction and consolidation after the hype.

[Lucius]

The ETF approval in August 10 was also seen as the ultimate step to turn the market bullish, although everybody was saying the the ETF news are just hype and the chances to pass now are slim.
And the result? The ETF was postponed and Bitcoin have lost more 500$ in less than 10 hours.

Of course the market reacted on this news, most people think this is the end of story for BTC ETF, but is is just postponed for September and it will be probably postponed for December and then for next year. We now see that only reason for reaching 8000$+ was because of ETF speculation, and BAKKT project for the time being has no effect on price. The reason for that can be just because this is something that will not really succeed or media have not yet started to pump the news and creating FOMO.

By what is posted in OP this is much bigger then ETF, but what's with the permissions - is this project need approval from some agency or they can implement this project without special approvals?

[cellard]

The ETF approval in August 10 was also seen as the ultimate step to turn the market bullish, although everybody was saying the the ETF news are just hype and the chances to pass now are slim.
And the result? The ETF was postponed and Bitcoin have lost more 500$ in less than 10 hours.

Of course the market reacted on this news, most people think this is the end of story for BTC ETF, but is is just postponed for September and it will be probably postponed for December and then for next year. We now see that only reason for reaching 8000$+ was because of ETF speculation, and BAKKT project for the time being has no effect on price. The reason for that can be just because this is something that will not really succeed or media have not yet started to pump the news and creating FOMO.

By what is posted in OP this is much bigger then ETF, but what's with the permissions - is this project need approval from some agency or they can implement this project without special approvals?

I think this BAKKT thing doesn't not require the same permissions from the SEC to get started as the ETF does, and basically the end result is similar: it allows people to get exposure to BTC even if they are computer illiterates but have money an understand Bitcoin is a must have in any 2018 financial portfolio.

The ETF getting postponed is very obvious. I predict we are not going to have ETF this year, or next year. 2020? we'll see. I just don't see how Bitcoin will ever meet the required criteria for the SEC to approve the ETF. The main point of Bitcoin is that it cannot be regulated and it doesn't need the approval of anyone to exist and function, so this is against the ETF ever getting approved. This fact also flies past the investor's head that are getting into BTC because of the ETF news. Once all of these ETF-dependant investors-speculator are gone, we'll be better off long term even if we end up with a lower price in the short-mid term.

If you are going to speculate with the price short-mid term you better pay attention to these news because they obviously matter and have the power to move the price whether we like it or not. It would be only delusional to think they don't have the power to manipulate the price at these time ranges. On a long term 10+ year obviously it escapes everyone's control.