Bitcoin surpasses $ 50,000 as institutions rack up

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Key Takeaways Bitcoin has risen nearly 6% in the past 24 hours, topping $ 50,000. Data shows that institutional players and whales have accumulated BTC. A decisive daily close of the candlestick above $ 51,500 could push prices towards $ 60,000. Share this article

Bitcoin has once again surpassed $ 50,000. Still, some of the cryptocurrency industry’s most renowned analysts have varying perspectives on the asset’s future price potential.

Institutional interest in Bitcoin rockets

Bitcoin broke the psychological barrier of $ 50,000 for the first time since August 23.

The uptrend seems to come from a significant increase in buying pressure from institutional investors.

BrightScope CEO Mike Alfred says a large number of institutions acquired Bitcoin over the summer. Alfred believes these companies will reveal their BTC holdings anytime between September 7 and November 19, which could propel the major cryptocurrency to higher highs.

While his comments may seem speculative, data from Arcane Research shows that asset managers’ net exposure is positive for the first time since April. Such market behavior suggests that institutions “have a strong belief in the added benefit of Bitcoin.” The report adds:

“The open interest of asset managers in CME has been net positive throughout August, with net exposure currently at $ 91.6 million, which is the highest long exposure observed among asset managers since January 21. ”

Source: Arcane Research Renowned analysts weigh

As institutional players and whales continue to buy, Willy Woo claims Bitcoin has entered the “second big re-accumulation of this bull market.” The chain’s popular analyst maintains that current demand and supply dynamics give BTC a price target of at least $ 60,000 over the next two weeks.

More importantly, Woo believes the race would likely extend to 2022 based on the “macro chain structure”.

Despite the fundamentally optimistic outlook, popular technical analyst dave the wave is not yet convinced. The chartist suspects that recent upward price action will be rejected by the resistance level of $ 51,500, causing a sharp correction to $ 20,000 or less.

According to him, Bitcoin “never returned to the Gaussian channel [on the weekly chart] without going any further in this channel.

Source: TradingView

A decisive close above the $ 51,500 level could serve as an invalidation for Dave the Wave’s bearish thesis, which could be followed by the rapid move to $ 60,000 that Woo predicted.

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