Bitcoin Prices Starts To Rally to 20K today

It’s been a hazy learn to the entire year for bitcoin, but here comes sunshine. After shedding $119 billion-plus by reviewing the market cap in Q1 amid pressure from regulators and also the cold shoulder from advertising platforms, the bitcoin price is ready for the rebound. Also it appears the heavens are beginning to align to the to occur within the second quarter. CNBC’s Brian Kelly outlined the drivers of the bitcoin price for that new quarter, and we’ve combined with them.

US Tax Season’s Nearly Over
April 15 marks the end of tax season in the United States, and it’s near. Investors who profited from bitcoin’s massive rally in December are having to generate the money to pay Uncle Sam now, which could explain a share of the selling pressure within the bitcoin price in March. Kelly noted that any “tax-related selling” that’s been happening in March is going to come to an end in the little more than every week. (Separately, Kelly also noted the blockbuster $2 billion Telegram ICO may have attracted investments away from BTC.)

Coincheck Deal in Sight
As CCN previously reported, Japan’s Coincheck could possibly be on the block. It’s not only available for sale though the potential buyer, online brokerage Monex Group, will be the parent company of US-based TradeStation (with massive data and charting capabilities) and is publicly traded.

“It’s a tremendous confidence boost; there are a regulated public company in Japan buying in a crypto exchange,” Brian Kelly, CEO of BK Capital Management, told CNBC.

Kelly added that “massive, massive sentiment shift.”

History Is on Bitcoin’s Side
Unless you were looking to purchase the dip, March was hard to await bitcoin investors. But although the bitcoin price suffered, the performance only proves that history repeats itself. March is historically a dismal month to the leading cryptocurrency, “rising only one in the last seven years [in 2013],” according to Fundstrat data.

That’s good news for April because historically, that is the most effective trading months for that bitcoin price, “rising five with the last seven years,” Fundstrat says.

Other Tailwinds
The forces for bitcoin are stronger compared to forces against it. While these three drivers of the bitcoin price appear imminent, there might be others. For instance, major bitcoin markets worldwide like the Usa are awaiting a regulatory framework to take fit around consider the uncertainty out from the equation, among some other reasons. It may be the catalyst the cryptocurrency markets must bring them extraordinary.

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