Cryptocurrency analyst: "Bakkt will be the cause of Bitcoin rally in early 2019!"

Alex Krüger, economist, cryptocurrency trader and analyst, makes a credible prediction on Twitter on the possible influences that could lead to a Bitcoin price hike in the coming year:

Krüger mentions in the first point that a bull run will arise in early 2019 due to Bakkt and the Bitcoin-ETF (exchange-traded fund). Bakkt is the new cryptocurrency exchange of the Intercontinental Exchange (ICE) that the New York Stock Exchange (NYSE) is part of. Bakkt recently announced that Bitcoin futures will be available on the platform on December 12. Because Bakkt is supported by giants like NYSE, but also Microsoft, Starbucks and Galaxy Digital, the chances are high that it will attract institutional investors to the market.

The US Securities and Exchange Commission (SEC), which deals with the approval of a Bitcoin ETF, has postponed its decision earlier this year on the long-awaited Bitcoin ETF from VanEck & SolidX. The decision on this must be made by February 2019 at the latest. Experts think that the expectation of this approval in itself can lead to a rally. It is also expected that, if the adoption rate is high on Bakkt, it can also lead to a greater chance that the SEC will approve the Bitcoin ETF.

Nevertheless, Kruger's second point is the rejection of the Bitcoin ETF by the SEC. That would lead to a crash in the market where the new support level will end up at $4,000.

Then we reach the third point: the "halving." This is a term used when 210,000 blocks in Bitcoin's blockchain are mined and the reward for mining is halved. The first time this happened was in November 2012. The following year the BTC price inflated. The same happened when the Bitcoin price halved in 2016 and a year later it peaked in December 2017. The next 'halving' is expected on 27 May 2020. Kruger implies that this expectation will ensure that during 2019 and 2020 Bitcoin has a bull run to hold on to.

Although these predictions are all speculative, they are based on real events in the future that are likely to have an impact. So far, Bakkt has not yet had any influence on the price and a rejection of the Bitcoin ETF does not necessarily have to lead to a decline in the price.