Analysts: Bakkt can be an excellent catalyst for Bitcoin. Prices will they jump?

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Analysts: Bakkt can be an excellent catalyst for Bitcoin. Prices will they jump?

Analysts: Bakkt can be an excellent catalyst for Bitcoin. Prices will they jump?

Despite three delays, the Bitcoin Futures Bakkt platform, supported by Intercontinental Exchange (ICE), has finally begun to be tested and many analysts now note that the publication of this platform can significantly increase the market for BTC and cryptography.

It is important to note that a group of analysts now note that the official launch of this platform could be an "important catalyst" for the bitcoin and aggregated cryptography market, which could ultimately help stabilize a very volatile market.

Although Bakkt has been delayed several times, it seems that this platform will soon produce results, which can be a very positive thing for the market.

The key to the Bakkt platform, which makes it more profitable for the market than other futures platforms, is that all trades are physically settled with Bitcoin, which means that all profitable trades will be paid for with cash. Bitcoin real, not with an equivalent cash amount. BTC value.

Rhythm Trader, a popular crypto analyst on Twitter, explained in a tweet about this:

"Bakkt starts testing on Monday, despite the hype, Bakkt is still in. Unlike other futures markets, it is settled in Bitcoin Bitcoin difficult and real is paid, not [with money] equivalent to the price of Bitcoin: The result is a discovery of better prices and cash for Bitcoin. "

In addition, he also said that the dollar (money) was public money, Libra was for big business and bitcoin was money for everyone.

It is important to note that, while keeping in mind this key factor, it is clear that Bakkt - if it enjoys great popularity - can bring a lot of benefits to the nascent market.

Sam Doctor, a strategist at Fundstrat Global Advisors, recently spoke about the Bitcoin Futures platform in his account, saying he thought it could be a "big catalyst" for the cryptography market in the near future.

Sam tweeted:

"We believe that #Bakkt can be a great catalyst for institutional participation in the #crypto market, which is what we remember from the Bakkt institutional summit held yesterday at the NYSE."

Analysts believe that Bakkt will eventually change Bitcoin's price action and may contribute to the expected volatility of the next few days, weeks and even months.

Chonis Trading, another popular cryptocurrency analyst on Twitter, spoke about it in his tweet saying that he thought Bakkt and CME Futures' current $ 8,500 deficit could contribute to a hectic week. He said:

"$ BTC - close the week with a lot of mixed signals Bear Cross on EMA12, 26 every day but Bull Bounce of EMA12 on weekly support and vice versa #CME and #Bakkt of tomorrow will be a dynamic week action on #Bitcoin prices. "

As this week passes and the Bitcoin price action continues, it is very likely that analysts will soon understand whether the cryptocurrency of Bulls or Bears will take over in the near future.

At the time of the press, the price of bitcoin was $ 10,290, or 143 million rupees, down 3.2% within 24 hours, according to CoinGecko.
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