Bakkt’s launch indeed failed to live up to the expectations. Although the futures contract platform opened its gateway wide, yet, not many chose to enter the world of futures. Bakkt traded only 71 contracts in the first 24 hours.
Bakkt fails to make history
The history of futures is one lousy picture, and looking at Bakkt seems like the past is being painted more black. The previous launch of bitcoin futures by CME and CBOE didn’t bring much good for the traders, but their arrival did establish benchmarks which Bakkt failed to reach by a humongous difference.
Alex Kruger, a cryptocurrency follower, shed light on the contrast between the history and present of futures trading.
Bakkt, first day volumes: 71 bitcoin.
CME, first day volumes: 5298 bitcoin.
That’s a 75x difference.
— Alex Krüger (@krugermacro) September 24, 2019
Crypto enthusiasts and cynics have entered the same circle of disappointment, followed by the platform’s live-action.
A bearish crossover on the move
FxWirePro, on TradingView, used 7 and 21 Daily Moving Averages and interpreted a bearish crossover ready to follow the implementation of Bakkt. The crypto analyst also highlighted the occurrence of a spinning top at $10,581.84 and a hanging man at $10,271.01. The user predicts the end of short-term rallies and a sustainable downside trend.
Bakkt can push bitcoin price down the slide
Another analyst on TradingView, TradersProfitclub, defined the act of longing BTC as a highly risky move as Bakkt’s launch is competent in pushing a bearish pattern. According to his analysis, the bitcoin value will continue to swing between 8-10K. Although there is immense bullish support, the currency has failed to commence a rise in its price.
Probability of price dipping to 8K
Allmypips highlighted the 80% chance of prices sliding down to 8-7K. As per the analyst, to attain a bullish path, the coin will have to cross the resistance level of minimum 12K to maximum 15K.
Is Bitcoin price hitting the red zone?
Funtrader-Vera brought into light the currency signal, which points at a descending walk of the bitcoin price. The analyst states the possible arrival of a bearish pattern as the coin is approaching to hit the red support zone.
Less high, more low
A user depicted the Gartley pattern that highlights significant dips, but no exclusive ascend in bitcoin prices. As per the prediction, bitcoin might fail to cross the 10K resistance any time soon.
Coinmarketexpert predicts slipping BTC value
Adding to the bearish prediction is the Coinmarketexpert that believes in the continuation of bitcoin’s price on a slippery slope. They see a short-term recovery to $9,800 by the end of the day but cite the increasingly bearish sentiment to suggest any bounce will be transient. Failing to find support at the $9,400 level, BTC can see a slip to $9000. 99-day SMA also reflects this level.
Indicators indicate towards selling bitcoin
Daily technical indicators, including Moving Averages, Oscillators, and Pivots on average, suggest selling BTC. Moving Average trends indicate a strong sell action.
Market sentiment is inclining towards fear forecasting bearish dominance.
Disappointment in Bakkt storms Twitter
Twitteratis are extremely disappointed with Bakkt’s launch, and they didn’t hesitate to voice their opinions.
A Twitter user highlighted the discouraging similarities of Bakkt season to alt season.
Bakkt Season disappointing just as much as Alt Season.
— Alex Krüger (@krugermacro) September 23, 2019
CryptoPennyCO on Twitter wants to verify the accurateness behind Bakkt’s CEO statement- “Our clients demanded Bitcoin futures.”
“Our clients demanded Bitcoin Futures” Says Bakkt COO Adam White https://t.co/8gjWfr319Y
Are you sure about that? 🤔 pic.twitter.com/rH4oka2yuW
— CryptoPennyCO 🤔 ☕️ 💰 (@CryptoPennyCO) September 23, 2019
It’s wise to err on the side of caution as the trading volume on the second day has been stationary at 4.
Some honorable mentions from Twitter after Bakkt’s first day:
Bleak trading volumes can be visualized through these tweets
Current bitcoin BAKKT trades are be like: pic.twitter.com/rerwkHyCiz
— Icy man (@buzdan_adam) September 23, 2019
Bakkt volume be like pic.twitter.com/q6KxXN79rS
— Cryptolol (@bitcoinnormie) September 23, 2019
Bakkt failed to make an impactful launch and was catastrophic to traders who longed on BTC.
— Nikki (@Nikkiyanna) September 23, 2019
bakkt at it again with the memes pic.twitter.com/TiuFoXSpYV
— KingBTC [ʙɪɢᴍᴇx] (@Trapouts) September 23, 2019
Manipulations back Bakkt?
Redditors were displeased with ICE owned Bakkt’s involvement with bitcoin as they believed it raised the risk for manipulations. Bakkt/ICE/NYSE wouldn’t necessarily promote the technology as they only care about their margin profits. Reddit users also highlighted that the use of naked short manipulations would increase with institutional involvement.
Do you think the slow and steady Bakkt will win the race?