Bitcoin has just had its worst quarter but a cryptocurrency expert expects to see numerous factors in the second quarter that contribute to price increases for the rest of 2018, according to reports.
Crypto Expert says that the first quarter is historically slow
Brian Kelly of Brian Kelly Capital aired to talk about the second quarter’s growth on Tuesday. He showed how traditionally Bitcoin has experienced bad first quarters, even in 2017, when the market experienced a meteoric rise, the growth of the first quarter was just over 10%.
Kelly told the “Futures Now” segment that the cryptocurrency has historically performed better in the second quarter, and has predicted that “there will be an important upturn here if seasonality brings tailwinds.”
What was referred to as seasonality is the annual development cycle and the cryptocurrency conferences such as the Consensus in May, which can inspire confidence in trade.
Another important factor that Kelly sees as part of a potential rebound in the second quarter is that fear based on regulation in cryptocurrency investment will begin to disappear as countries begin to establish policies. As he told the panel “Futures now”;
“We have reached the extreme of regulation, which is that South Korea believes that they are going to ban it, that the United States talks about everything being a security, that makes it go back … it is seeing a change again in that kind of thing. I think most of that has been left behind. ”
The regulation of the cryptocurrency market spread globally after the massive gains that Bitcoin and other alternative currencies experienced in the latter part of 2017. Countries such as China and India both major markets for digital currencies made major moves to ban exchanges and ICO, while that Japan and US fight to create a regulatory balance that allows exchanges to do business while controlling fraud and criminal activity related to cryptography.
Kelly commenting later on regualtion said “I do not think regulation is a bad thing … it does not kill any other market as long as we do it correctly and we do not repress innovation.” Regulation could actually increase adoption.
Monex will take over Coincheck
Another factor that Kelly pointed out is that the Japanese exchange Monex could take control of the problematic Coincheck stock market. Monex plans to offer several billion yen in a bid for the acquisition and restructuring of Coincheck by the end of the week.
News of the takeover has already boosted the price of Bitcoin on Tuesday and Kelly sees the agreement reinforcing public opinion, adding: “It is a massive confidence boost, now it has a public company regulated in Japan. that he buys in a cryptographic exchange … this puts a stamp of approval, and Japan is a big driver of this market. ”
Just days before the second quarter and Bitcoin has already seen a rebound of more than 8% with price gains of $ 400 just on Tuesday.