The Bitcoin Price Market has been facing adverse times in the cryptocurrency market, specially since the first quarter of 2018. However, for the Bitcoin investors, there’s a little ray of hope coming. Crypto experts expect the Bitcoin price to rally up in the second quarter.
On Tuesday, Brian Kelly of Brian Kelly Capital and a contributor to CNBC’s “Fast Money” went on air to talk about the second quarter growth. He demonstrated how Bitcoin has experienced bad first quarters traditionally, even in 2017 when the cryptocurrency market went on a high rise the first quarter growth was only around 10%
Kelly told the “Futures Now” segment that cryptocurrency has historically performed better in the second quarter, predicting that “There will be a significant rally here if seasonality brings tail winds.”
In fact he told that the cryptocurrency conferences like the Consensus in May which can inspire confidence in trading.
Another major factor Kelly in the Bitcoin revival is that the second quarter is that regulation based fear in cryptocurrency investing will begin to wear off as countries start to settle on policies.
“We’ve gone to the extreme of the regulation which is South Korea thinking they’re going to ban it, the U.S. talking about everything being a security, to walking it back … you’re seeing a shift again in that type of thing. I think most of that’s behind us.”
In the later part of 2017, countries such as China and India both major markets for digital currencies made extensive moves to ban exchanges and ICO’s while Japan and the U.S. both struggle with creating a regulatory balance that allows exchanges to do business while controlling fraud and crypto related criminal activity.
Kelly commenting further on regualtion said
“I don’t think regulation is a bad thing … it doesn’t kill any other market as long as we do it correctly and we don’t stifle innovation. Regulation might actually increase adoption.”
Another factor Kelly accounts for is the Japanese exchange Monex potentially taking over troubled exchange Coincheck. Monex plans to offer several billion Yen in a bid to takeover and restructure Coincheck by the end of the week.
News of the takeover has already boosted the price of Bitcoin on Tuesday according to CNBC and Kelly sees the deal bolstering public opinion, adding
“It’s a massive confidence boost; you now have a regulated public company in Japan buying into a crypto exchange … this puts a stamp of approval, and Japan is a huge driver of this market.”
This new may hold true by seeing the stats in second quarter and observing the Bitcoin price growth of over 8% with price gains of $400 on Tuesday alone.
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