Bitcoin resume its' Bulish momentum after Bakkt Announcement!

[BitHodler]

I wouldnt buy anymore bitcoin until price is past $13500 unless you feel like tying up your $$ for awhile.

In other words, you prefer buying at +$13.5k levels than buying at $10k flat and have a 35% profit when we finally surpass the previous resistance? That sounds like you're a fomo buyer.

There is no guarantee that we'll keep going up from there, so if you buy at $13.5k you might still end up holding a bag of expensive coins. You're much better off slowly dollar cost averaging at current levels.

Bakkt could be a massive short opportunity because everyone is thinking moon. Price could go much lower to shake out new money entering for the bakkt pump that may never happen. Buying now, all you are doing is feeding the bottomless bitcoin blackhole. Look today almost down 10% on nothing no news ffs.

I honestly have seen more skepticism when it comes to Bakkt than positive stories. Not many believe it will have much of an impact nor do they care about selling this news, which won't yield you much to begin with.

We're just bouncing up and down within a large descending triangle. Pretty normal market activity in times where the bears are gaining more strength week by week. Not related to Bakkt.

[Bitcoinwaist]

I wouldnt buy anymore bitcoin until price is past $13500 unless you feel like tying up your $$ for awhile.

In other words, you prefer buying at +$13.5k levels than buying at $10k flat and have a 35% profit when we finally surpass the previous resistance? That sounds like you're a fomo buyer.

There is no guarantee that we'll keep going up from there, so if you buy at $13.5k you might still end up holding a bag of expensive coins. You're much better off slowly dollar cost averaging at current levels.

Bakkt could be a massive short opportunity because everyone is thinking moon. Price could go much lower to shake out new money entering for the bakkt pump that may never happen. Buying now, all you are doing is feeding the bottomless bitcoin blackhole. Look today almost down 10% on nothing no news ffs.

I honestly have seen more skepticism when it comes to Bakkt than positive stories. Not many believe it will have much of an impact nor do they care about selling this news, which won't yield you much to begin with.

We're just bouncing up and down within a large descending triangle. Pretty normal market activity in times where the bears are gaining more strength week by week. Not related to Bakkt.

Yes i myself would rather forego 35% than tie more money up. Because it can go down another 35%.

[davinchi]

Bakkt announcement had nothing to do with it. I do not understand why people are always looking for a reason to get bitcoin up or down, sometimes it goes up and down because we are in a financial market and that is what financial markets do.

I swear sometimes I feel like only people in crypto are the people who have never seen a financial market before, haven't you even watched any movies about this kind of stuff.

It moves because we move it, we decide where it will go, we buy it to make it go up and we sell it to make it go down. It was a small movement that is not a great difference and that happens almost daily in bitcoin, so bakkt announcement could have affect a small percentage of people but that would not make enough change in the world of crypto to move prices to any direction.

[beerlover]

Bakkt would have to make a lot of customers and a lot of volume in order to justify the attention it is getting. If they are going to end up with less than 100 million volume than I am sorry but it doesn't worth the attention its given. If it reaches over a billion however and some of it is new money coming into bitcoin instead of people moving from places like bitmex to bakkt than we can honestly say it was worth the wait.

Has anyone ever found any data or information about how much volume they were expecting and how many customers they are projecting to have when this is starting? I know the first few months will never be as great as the 6th month but the start would tell you a lot, if they start with 80 million dollars than reaching above 100 is quite easy but if they start with only 1-5 million than it will look very badly for their future.

[gentlemand]

I wouldnt buy anymore bitcoin until price is past $13500 unless you feel like tying up your $$ for awhile. Looks like there just isnt any interest atm. Bakkt could be a massive short opportunity because everyone is thinking moon. Price could go much lower to shake out new money entering for the bakkt pump that may never happen. Buying now, all you are doing is feeding the bottomless bitcoin blackhole. Look today almost down 10% on nothing no news ffs.

Ps dont be fooled by the fake support at $10k there is nothing there.

You seem awful certain. Must feel nice.

This is a dead time of year anyway. Not a great deal has happened historically until it heads into winter.

Bakkt has been too drawn out for there to be much price effect. Most people don't understand what it is anyway. There've been plenty of similar scenarios in the past like the launch of LedgerX 2-3-4 years ago. Lots of people thought that was going to be world changing. Then nothing happened. There was no pump. There was no crash either.

Has anyone ever found any data or information about how much volume they were expecting and how many customers they are projecting to have when this is starting? I know the first few months will never be as great as the 6th month but the start would tell you a lot, if they start with 80 million dollars than reaching above 100 is quite easy but if they start with only 1-5 million than it will look very badly for their future.

They'd be very stupid to make predictions and they haven't. This'll be a product most of their customers won't be familiar with. It'll take time. If they're not planning for several years out then they're even more stupid.

[NeuroticFish]

Bakkt has been too drawn out for there to be much price effect. Most people don't understand what it is anyway. There've been plenty of similar scenarios in the past like the launch of LedgerX 2-3-4 years ago. Lots of people thought that was going to be world changing. Then nothing happened. There was no pump. There was no crash either.

I agree. Bakkt news seem to have rather random effect: sometimes the price rises (at least shortly) after Bakkt news, sometimes it falls and sometimes it doesn't react at all.
This actually means that we may just try to correlate market movements to something that doesn't cause them at all.


Somehow I start to believe that somebody tries to trigger certain expectations on Bitcoin price, unrealistically quick and unrealistically high. Maybe to trigger a FOMO, maybe to simply dump. I don't know...

[arpon11]

Bakkt has been too drawn out for there to be much price effect. Most people don't understand what it is anyway. There've been plenty of similar scenarios in the past like the launch of LedgerX 2-3-4 years ago. Lots of people thought that was going to be world changing. Then nothing happened. There was no pump. There was no crash either.

I agree. Bakkt news seem to have rather random effect: sometimes the price rises (at least shortly) after Bakkt news, sometimes it falls and sometimes it doesn't react at all.
This actually means that we may just try to correlate market movements to something that doesn't cause them at all.


Somehow I start to believe that somebody tries to trigger certain expectations on Bitcoin price, unrealistically quick and unrealistically high. Maybe to trigger a FOMO, maybe to simply dump. I don't know...

Whatever is happening, be it FOMO or reality do happen because we see things different and people invest based on their perceptions of the market. As a trader there are some news that I will heard even if it is true or false I must have to take decisions either to buy or sell my holding and I do that not because I did not understand the news but how other traders and investors are going to react may change the directions of the trends. What matter is trying to predict what other are doing based on the prevailing news in the market and the major news we have now is bakkt!

[1Referee]

Yes i myself would rather forego 35% than tie more money up. Because it can go down another 35%.

Since you're not the typical hodler type of person, this is a serious question; ever heard of a stop loss?

You don't have to let the price go down and deplete your virtual dollar value. I know enough people who similarly aren't the typical hodler type of person, but they make use of every possible opportunity to either long or short the price with well set stop losses so that they don't suffer too much.

Another thing is that there isn't much significance to the $13,500 level. As long as we haven't blasted through the previous high of ~$13.900 we still haven't had a higher yearly high. Note how the ~$13,900 wick aligns with the monthly close of the 2017 bull run. It's not out of the ordinary to yet again be faced with a brutal dump when testing it.

[figmentofmyass]

Bakkt has been too drawn out for there to be much price effect. Most people don't understand what it is anyway. There've been plenty of similar scenarios in the past like the launch of LedgerX 2-3-4 years ago. Lots of people thought that was going to be world changing. Then nothing happened. There was no pump. There was no crash either.

ledgerX did get their CFTC approval at the end of july 2017, right before bitcoin went totally parabolic. that was probably coincidental though. if there was a news catalyst at the time it was probably consensus around segwit activation.

if bakkt launches a month from now, the market might pump coincidentally again considering the raging bull market on the monthly chart. price isn't gonna stay down here for endless months. i'd be surprised if we didn't see liftoff by october.

[lixer]

Ouch... we just had another dump of several hundred dollars down to a line that I'm carefully watching as it's been a point of action recently. 1D MACD was close to flipping green before this dump but this has delayed it, and the 4H MACD is now flipping red. We're still up over the last few days but this is a bit painful returning back to these levels once more. Not super surprised considering bulls were losing momentum and volume was lowering before the dump. Undecided whether or not to be bullish or bearish for the short term at the moment, but I'm still long and mid-term bullish.



[im g]https://i.imgur.com/X36JT0u.png[/img]

On the other hand, we're right back to where we were a couple days ago.

It was really sad also, I thought that the market had responded to this news really when it started growing little, but seeing it dump also broke my heart a little and then I saw that this event may not really have much effect in the market as people thought of.

I know we like to think the unthinkable and we believe that such positive news would have effect but I guess that many investors are still being tormented by what the bears did to them in the last bull run when majority of them fell for fomo, and you see now that it is also not only you and I that are being careful of fomo news, but majority of investors out there are also being careful nowadays. I guess people are just waiting to see exactly what the effect will be like when the project is being released.

[Slow death]

Since Friday after bakkt announced that by "September 23 it will launched it future trade" https://medium.com/bakkt-blog/cleared-to-launch-8dfc3e6f9ed0 and since then Bitcoin has gained over $1000.

It's been months now that the price has been holding very high above $ 9000, and now with BAKKT's announcement I hope we can see some significant increase after September 23rd. surely may bring more demand to the bitcoin market

As at this morning bitcoin hit $10,760 resistance area and there is a probability that it might cross $11,000 before Wednesday this week.

today is thursday and the price dropped a lot, it dropped to $ 9900 and now it's at $ 10170

I am speculating a trigger of another bullish momentum that might create another high this year as the bakkt's announcement has taking the center of discussion all over the cryptocurrencies sites and blogs.

will depend on how much demand BAKKT brings to this market

[Arkann]

I have been observing forecasts throughout this month and I see that very rarely someone can predict the future course of events.  Although it is already good that Bitcoin has reached $ 10,000 and does not show any impulses to a huge fall. But I still can’t understand why the events of September can greatly affect Bitcoin pricing.

[Lanatsa]

I have been observing forecasts throughout this month and I see that very rarely someone can predict the future course of events.  Although it is already good that Bitcoin has reached $ 10,000 and does not show any impulses to a huge fall. But I still can’t understand why the events of September can greatly affect Bitcoin pricing.

You know that these kind of fundamentals can possibly affect bitcoins price and people do keep on speculating into things anytime if theres a news.

So this BAKKT event is somewhat a major one but not totally a thing to relied on because price increase will depend on the demand itself.

[LUCKMCFLY]

Bitcoin recovered from the bearish momentum last week after forming a hammer candlesticks formation on a 4 hour's chart.  The price bounce after touching the support level at $9,600! Since Friday after bakkt announced that by "September 23 it will launched it future trade" https://medium.com/bakkt-blog/cleared-to-launch-8dfc3e6f9ed0 and since then Bitcoin has gained over $1000. As at this morning bitcoin hit $10,760 resistance area and there is a probability that it might cross $11,000 before Wednesday this week. I am speculating a trigger of another bullish momentum that might create another high this year as the bakkt's announcement has taking the center of discussion all over the cryptocurrencies sites and blogs.

It is like this, I totally agree with you, we may begin to see Bitcoin with a great boost, just the fact that it starts this September 23, causes in many investors not to want to miss the moment, they know they should buy as much as they can so they can take the bullish way. I think we can reach the end of $ 20ka this year if everything goes well and if ETF approval happens.

[AjithBtc]

Bakkt is a source that gives more liquidity to bitcoin, and the futures contract approved by all the committee for a launch by September is really a big news for all the cryptocurrency users. This is never gonna cause any form of FOMO as it gets more visibility same as stocks and the buying, selling and investing over bitcoin will increase randomly. The same is getting reflected over the present days growth.

[virasog]

I wouldnt buy anymore bitcoin until price is past $13500 unless you feel like tying up your $$ for awhile. Looks like there just isnt any interest atm. Bakkt could be a massive short opportunity because everyone is thinking moon. Price could go much lower to shake out new money entering for the bakkt pump that may never happen. Buying now, all you are doing is feeding the bottomless bitcoin blackhole. Look today almost down 10% on nothing no news ffs.

Ps dont be fooled by the fake support at $10k there is nothing there.

Remember, we had the support of 6000$ and it was broken and bitcoin fell to 3000$ without any support level working. Then we pumped to 10000 from 4000K without any resistance working. These support and resisrtance are shattered when bitcoin is on the move , upwards or downwards.
Anything can happen from here and bitcoin look bearish at the moment from technical analysis.

[mersal]

I have been observing forecasts throughout this month and I see that very rarely someone can predict the future course of events.  Although it is already good that Bitcoin has reached $ 10,000 and does not show any impulses to a huge fall. But I still can’t understand why the events of September can greatly affect Bitcoin pricing.

All we can do is assumptions called as predictions that is why no one can predict what will happen in the future.If there is something good about the cryptos happened then it might influence the prices to increase that is why people says next month would be profitable.Anyway I am still neutral and all the way happy with $10K.