Bitcoin is trading at the same price it did last year at this time, with a major futures product set to launch, again
Will history repeat?
Last year around this same time period, bitcoin started to run, and run it did.
In early November bitcoin started to make all time high after all time high.
Breaking $5k to the upside for the first time ever.
Currently, right now, we are at the same price at the same time of year as we were last year:
(Source: https://twitter.com/MoonOverlord/status/1059506816407736320)
Eerie eh?
It gets even more eerie...
Last year a big part of the bull rally had to do with excitement surrounding a bitcoin futures product being launched.
Well guess what, we are seeing something very similar launching this year!
On December 12th, Bakkt is expected to launch their physically settled bitcoin futures product.
It will be the first fully regulated physically settled bitcoin derivatives product in existence.
Physically settled means that for every contract that changes hands there will be an actual bitcoin attached. This is a very important difference between the cash settled futures products that currently exist.
This product is expected to have much more of in impact on bitcoin spot prices than current products and there is expected to be significant demand for it.
Possibly setting up for a repeat of last year...
In summation:
Bitcoin is currently right where it was last year at this time of the year.
We have a major bitcoin futures product set to launch middle of December, just like last year.
This product is ground-breaking in terms of bitcoin derivatives as it will be the first physically backed product.
Add all this together and we may see some very positive price action as we get closer to launch date, just like we did last year.
The ingredients are certainly there.
Here's to hoping!
Stay informed my friends.
Image Source:
Follow me: @jrcornel
Hope, Pray, Rally 😂🤑😂
HPR - I like it!
It will moon this year!
Hopefully. Though, not according to Arthur Hayes and Mike Novogratz.
Another interesting catalyst was the bitcoin forks that occurred and we have recently started to hear of a potential bitcoin cash split coming this month so it will be interesting to see if as you say history with repeat itself or rhyme a bit!
I am ok with a bit of rhyming myself as long as it pulls steem up a bit with it!
wouldn't that be nice 👍👍📈
It certainly would be ok with me. :)
Oh man do I hope this is right!!!
It sounds crazy, but it only took a month for prices to go from $5k to $20k last year...
I remember... and from 10 -20 almost overnight! I hope something breaks soon, I'm having to cash out my investments (many of which I'm confident have real value) just to stay alive!
We really need SBDs to pump again. That was the golden goose for authors on steemit.
Amen to that! That's how I paid for all of my investments I'm trying to hodl now!
Not sure it will happen again though... sad face :(
I'm not holding my breath either!
It will pump and we will going to be Astronauts @jcornel :D
Is that because the price will be at the moon?
I really hope this will be the catalyst to shoot crypto to the moon. There's been too many false dawns so far this year.
Yep, right when things are starting to look up, cold water gets poured on it. Hopefully this time is a little different.