The first quarter of the year was not really in good terms for Bitcoin. The market went through upheaval. In fact, it came out as the worst Q1 in the history of Cryptocurrency’s gold. But, here’s another side. It shows a strong uphold in Q2.
Brian Kelly, the founder of Kelly Capital and a contributor to CNBC believes in it.
‘Q2 is always good for Bitcoin. There will be a significant rally here if seasonality brings tail winds.’
Cryptocurrency has substantially always performed well in the Q2 of the financial year. Taking into an instance, “an upcoming annual development cycle” and “a number of big conferences, such as Consensus in May,” the good days do not seem to be very far.
Kelly was quoted as saying,
‘We’re coming to the end of the tax-selling season. So we’ve probably got another week and a half of tax selling, but I think a good portion of that has been happening over the last month or so.’
He also mentioned that FUD( Fear, uncertainty, and doubt) with respect to the fact that government will regulate cryptocurrency, has lessened down. Investors are becoming confident about the fact that cryptocurrency is here to stay.
We’ve gone to the extreme of the regulation which is South Korea thinking they’re going to ban it 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.
The news of Moinex trying its best in purchasing Coincheck also comes as a breeze of change in the recent environments.
Which is huge because that is a public company with a brokerage firm regulated by the Japanese Financial Authority buying into an exchange that’s a massive massive sentiment shift.
Bitcoin is currently trading at $7401.04. Of course, the endurance to acquire will take time but surely, Bitcoin is here to stay.
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