On the Bitcoin market will continue bearish trend

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According to financial strategist analytical Department of the company Mike Bloomberg Intelligence Manglona on the market, Bitcoin will continue the bearish trend. That is the conclusion he came to based on the analysis of the trading volume in BTC and coins in the number of active users.

In an interview on CNBC Macklon said:

“Honestly, every day I try to find causes which may occur the bullish trend on the Bitcoin market. But the more carefully I study the data about the catalysts for the growth rate of the cryptocurrency in the past, the more indicators a further decline in BTC value I find. Of course, anything can happen, however, the available data indicate that the downward trend will continue, barring some global changes”.

Among the “global change”, which can positively affect the price of Bitcoin, the analyst called the forthcoming launch of futures in BTC from the investment company Bakkt and opening a Bitcoin exchange-traded funds (ETFs). The trader believes the Wound of Neuner, the beginning of futures trading Bakkt and run a cryptocurrency platform for institutional investors from Fidelity will lead to the fact that the Commission on securities and stock exchanges (SEC) the US will approve an application for a Bitcoin ETF at the end of the first quarter of 2019.

Financial analyst and investor Joseph Jung said that the SEC rejected the applications of firms for opening a Bitcoin ETF due to the low level of liquidity of the futures market in BTC. Bakkt plans to begin trading futures on December 12, 2018, according to many experts, the contracts will be in high demand from large enterprises, so the liquidity of the futures will increase significantly, which will increase the chances of a positive decision of the Commission to issue a Bitcoin ETF.

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