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After everything is said and done, Bakktâs objective will remain as it was: pave way for institutional crypto investment. From their homepage, Bakkt aim is to âto enable consumers and institutions to seamlessly buy, sell, store and spend digital assets.â To make this a reality, the platform âseeks to develop open technology to connect the existing market and merchant infrastructure to the blockchain.â
Obviously, the blockchain space is uncharted and at its formative stage. While we mark the 10th anniversary, there is no doubt that applications that depend on the underlying technologyâblockchain will not only be disruptive but be the very vehicles through which investors will channel their hard-earned cash for big profits. Jed McCaleb said the damaging 2018 bear market was just but cooling off phase and there is more in the pipeline in weeks, days and even years ahead.
Also Read: Top Bitcoin Market Analyst Says Bitmainâs Mining Operations Shutdown Will Not Affect the Industry
At the core, Bakkt will be an application and with backings from International Exchangeâthe owners of NYSE, there was no doubt from venture capitalist and individual investors that there is an opportunity in this near âvirginâ territory and the goal of this platform guarantees future profits. As such, it came as no surprise that the first round of funding was a success. Bakkt managed to raise $182.5 million from 12 investors including Galaxy Digital, Microsoft and Boston Consulting Group.
Bitcoin (BTC) Price Analysis
At spot price, BTC is stable and up 1.8 percent against the USD in the last 24 hours. However, it is stable in the last week though we shall treat this as normal retracement after two weeks of higher highs.
From candlestick arrangement, bears might be in charge of a top-down approach but in the weekly and daily time frames, there is an opportunity for profit for buyers. As it is, clear support is around the $3,500-700 region and prices might expand in days to come more so if BTC price expands and extend above $4,100 or Dec 28 highs.
Notice that BTC price found support on Dec 28 mirroring the high volume bull bar of Dec 17 cementing our assertion that buyers are in charge and every dip is basically another buying opportunity.
We recommend buyers to load up at spot prices but for assurance, a better opportunity is available once BTC prices expand above $4,100 at the back of high volumes. Once this prints out, then traders can buy at a spot with stops at $3,900 and first target at $4,500 and later $5,000.
This shall be our BTC/USD trade plan:
- Buy: $4,100
- Stop: $3,900
- Target: $4,500, $5,000
All Charts Courtesy of Trading View
Disclaimer: Views and opinions expressed are those of the author and arenât investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.