There are two fundamental catalysts that worked in favor of Bitcoin bulls during the recent parabolic rise from 3200$ to 13900$.
First is BAKKT Trading Launch and the Second was the Facebook Libra Project announcement.
The bitcoin price rose above 50% after the BAKKT launch announcement came out in May'19. A month later on 18th June Facebook also introduced Libra project to the world - which was a major and promising step towards mainstream crypto adoption. Post Libra announcement - Bitcoin price jumped over 53% in less than a week - Another parabolic rise/FOMO rally.
Now, The first major catalyst - Bakkt is already launched, and bitcoin dropped over 20% within a few days after launch.
Second Catalyst- LIBRA is facing legal troubles from the US Government, and the project may shut down in the near future. Their key partners VISA and Paypal were also withdrawn support from Project yesterday.
Bitcoin price will soon react to this news, and we can expect another 20% drop in the next few days - which will bring down bitcoin price to sub 6500$ Area.
First is BAKKT Trading Launch and the Second was the Facebook Libra Project announcement.
The bitcoin price rose above 50% after the BAKKT launch announcement came out in May'19. A month later on 18th June Facebook also introduced Libra project to the world - which was a major and promising step towards mainstream crypto adoption. Post Libra announcement - Bitcoin price jumped over 53% in less than a week - Another parabolic rise/FOMO rally.
Now, The first major catalyst - Bakkt is already launched, and bitcoin dropped over 20% within a few days after launch.
Second Catalyst- LIBRA is facing legal troubles from the US Government, and the project may shut down in the near future. Their key partners VISA and Paypal were also withdrawn support from Project yesterday.
Bitcoin price will soon react to this news, and we can expect another 20% drop in the next few days - which will bring down bitcoin price to sub 6500$ Area.