Institutional investors may keep Bitcoin above $50,000, say CrossTower analysts

Analysts from the CrossTower crypto-trading platform said that interest from major investors in the first cryptocurrency would continue to support the asset’s price above $50,000.

According to the latest report, the number of wallets with more than 1,000 BTC has risen significantly in recent weeks. CrossTower strategist Martin Gaspar believes this confirms investors’ willingness to buy the first cryptocurrency despite the high price.

“Many institutional players are entering the industry with plans to buy and hold Bitcoin, viewing it as digital gold. Investors saw an opportunity to buy the asset during the January price dip,” the expert added.

On February 21, the price of the first cryptocurrency reached $58,000. On February 23, the Bitcoin price touched the $45,000 mark. At the time of writing, the asset was trading at around $50,600. The market capitalization of digital gold stands at $942 billion, according to CoinGecko.

Earlier, the Indian Warren Buffett warned of a heavy hangover after the Bitcoin bull run. Rakesh Jhunjhunwala is convinced that the “Bitcoin party” will end badly for its participants.

Earlier in JPMorgan urged to forget about digital gold in favour of fintech and called the first cryptocurrency an “economic attraction.”

CrossTower Crypto Research Report 02.22.2021 by ForkLog on Scribd

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