Will Bakkt Awaken Bitcoin From It's Slumber? by scaredycatguide

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bitcoin · @scaredycatguide · (edited)
$5.80
Will Bakkt Awaken Bitcoin From It's Slumber?
<center>https://mentormarket.io/wp-content/uploads/2019/09/bitcoin-3215526_640.jpg</center> <br/><p>About a week ago I pointed out the descending triangle bitcoin price was saddle within.  Since that time price action has gotten tighter and tighter.</p>
<p>Generally some sort of catalyst props a push either higher or lower to break out of the formation.</p>
https://cdn.steemitimages.com/DQmappSitBdnY8skH5TzzZANRSrvhf4gQLcsoXXn6tErDS5/Capture.PNG
<h3>Bakkt Launches Tomorrow</h3>
<p>I don't know that this will cause a spark or not immediately, but it could have some impact over the course of a few days as positions are established.</p>
<p><strong>The beauty of Bakkt is...</strong>.</p>
<p>There actually has to be bitcoin used to physically settle futures contracts.  As opposed to cash settlement where no bitcoin ever needs to actually be in play.</p>
<p>So, even though one can use margin for futures positions.  At the end of the day (or contract I should say) physical bitcoin is technically supposed to be delivered.</p>
<p>Given that institutions generally play in the futures market and Bakkt will also provide custody accounts it makes sense that this will drive more demand for bitcoin investing.</p>
<p>I guess we will see come this time next week what kind of impact it has.</p>
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vote details (170)
@cryptorg · 
I would say YES and I am waiting for this tick for couple of months which seem years now. Even if might not be a revolution, for sure it will be a stone on which many other goods things are to come.
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@scaredycatguide · 
Yeah, with futures being settled with actual bitcoin and the exchange being run by known financial market operators I can't see how the institutional money at a minimum isn't coming into play here.  Anything they can speculate on in a secured environment is game on for them.
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@builderofcastles ·
$0.03
Oh, the price is definitely going to break out to the upside.

And i really don't know what Bakkt will do.
Half of me still feels that we are going to see another Made-off with the money scheme.

I also feel we are going to flirt with the 100k line almost instantly.
πŸ‘  ,
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@rollandthomas · 
It will definitely help, another single, but not a homerun for Bitcoin.
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@bistonic · 
@scaredycatguide, looks like your post was timed to perfection.
On my personal (BTC) chart it showed the price hugging the lower support levels and now maybe, just maybe we are going to break out, to the upside. But this is Bitcoin so I wonΒ΄t be convince until I see clear evidence. 
Safe trading out there guys n girls :-)
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@scaredycatguide · 
Yeah for real, always gotta keep an eye on the upside and downside!
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@haikubot · 
<em>Yeah for real, always 
Gotta keep an eye on the 
Upside and downside! 
</em>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>- scaredycatguide</sup>

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@armadilloman ·
$0.05
My guess is that it won't do a damn thing in the near term as we are in a "nothing is good for bitcoin" stretch.
πŸ‘  
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