‘Sustained Institutional Buys’ Will Keep Bitcoin Above $ 50,000, According to CrossTower



In a report shared with Cointelegraph, the institutional cryptocurrency trading platform, CrossTower, claims that big investors will not let Bitcoin (BTC) slide back below $ 50,000.

According to the report, Addresses holding more than 1,000 BTC hit all-time highs in January, following considerable pullbacks, underscoring the strong buying of dips by whales despite the relatively high price of Bitcoin.

In combination with positive developments in the industry, such as the decision to Mastercard to integrate certain cryptocurrencies Y the recently launched custody services by BNY Mellon, CrossTower believes that the outlook remains bullish for digital asset markets. The company also described the growth of Bitcoin corporate treasuries, as Tesla’s acquisition of USD 1.5 billion in BTC, as a reinforcement of the bullish scenario.

“We believe that the record number of addresses owning more than 1,000 BTC in recent weeks is proof of growing institutional interest and likely reflects the numerous headlines in January and February from institutional investors who decided to get involved with Bitcoin.” Told him Martin Gaspar, CrossTower research analyst, to Cointelegraph.

Continuous:

“In our opinion, many institutional investors are entering with a buy and hold mentality, given their understanding of Bitcoin as digital gold. The on-chain data suggests that these investors, traditionally thought of as smart money, saw the January price weakness. as an opportunity to buy BTC or enter the space, which supports our bullish view of BTC. “

CrossTower also saw a sharp decline in the amount of Bitcoin held on centralized exchanges amid record holdings and volumes of stablecoins, describing the trend as additional bullish momentum for the markets. Analyzing data from CryptoQuant, CrossTower found that stablecoin volumes on cryptocurrency exchanges amounted to $ 7.4 billion in February, an increase of almost 159% from December 2020.

The price of BTC briefly fell below $ 50,000 today, February 22, 2021, but has since risen back to the $ 53,000 level. Despite the sudden correction, Bitcoin has appreciated more than 12% in the last week. So far this year, the price of BTC is up nearly 85%, according to data from CoinMarketCap.

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