Bitcoin is up nearly 6% in the last 24 hours, breaking through $50,000.
Data shows that institutional players and whales have been accumulating BTC.
A decisive daily candlestick close above $51,500 could push prices towards $60,000.
Share this article
Bitcoin has surged past $50,000 again. Still, some of the most renowned analysts in the cryptocurrency industry have varied outlooks for the asset’s future price potential.
Institutional Interest in Bitcoin Skyrockets
Bitcoin has sliced through the psychological $50,000 barrier for the first time since Aug. 23.
The bullish impulse appears to have originated from a significant increase in buying pressure by institutional investors.
BrightScope CEO Mike Alfred maintains that a large number of institutions acquired Bitcoin over the summer. Alfred believes that these corporations will reveal their BTC holdings anytime between Sep. 7 and Nov. 19, which could propel the leading cryptocurrency to higher highs.
While his remarks may seem speculative, data from Arcane Research reveals that the net exposure of asset managers is positive for the first time since April. Such market behavior suggests that institutions “have a strong conviction on further upside for Bitcoin.” The report added:
“The open interest from asset managers on CME has been net positive throughout August, with the net exposure currently sitting at $91.6 million, which is the highest long exposure seen among asset managers since Jan. 21.”
Source: Arcane Research
Renowned Analysts Weigh In
As institutional players and whales continue to buy, Willy Woo affirms that Bitcoin has entered the “second great re-accumulation of this bull market.” The popular on-chain analyst maintains that current demand and supply dynamics give BTC a price target of at least $60,000 within the next two weeks.
More importantly, Woo believes that the run would likely extend into 2022 based on the “macro on-chain structure.”
Despite the optimistic outlook seen from a fundamental perspective, popular technical analyst dave the wave is not convinced yet. The chartist suspects that the recent upward price action will be rejected by the $51,500 resistance level, resulting in a steep correction to $20,000 or lower.
According to him, Bitcoin “has never come back to the Gaussian Channel [on the weekly chart] without then going on to go deep into that channel.”
A decisive close above the $51,500 level could serve as invalidation for dave the wave’s bearish thesis, which might be followed by the fast move to $60,000 that Woo has forecast.
This news was brought to you by Phemex, our preferred Derivatives Partner.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Twitter Reportedly Preparing Bitcoin Tipping Feature
Twitter has reportedly launched a Bitcoin tipping in a limited beta release. Twitter Reportedly Supporting Bitcoin Payments on Lightning Twitter users may soon be able to tip each other with…
Bitcoin and Ethereum Are Resting on Two Price Levels
The top two cryptocurrencies by market cap, Bitcoin and Ethereum, continue to consolidate while other lower cap cryptocurrencies rally. Although interest is shifting, several metrics show that BTC and ETH…
Morgan Stanley Owns Over One Million Grayscale Bitcoin Shares
Morgan Stanley analysts think Bitcoin has “a long way to go.” Morgan Stanley Keeps Increasing Bitcoin Exposure According to a Wednesday SEC filing, the world’s third-largest wealth manager, Morgan Stanley,…
What is Impermanent Loss and How can you avoid it?
DeFi has given traders and investors new opportunities to earn on their crypto holdings. One of these ways is by providing liquidity to the Automated Market Makers (AMMs). Instead of holding assets,…