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
- MoonOverlord
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