Bitcoin Big Move is on the way!
Bitcoin provided with an opportunity to stack more coins in recent times by visiting the levels below $16,300. However, within a couple of days, the Bitcoin price rebounded and crossed $18K, heading strongly towards $20K
As Coinpedia had reported earlier that, a double bottom pattern had formed and hence a long jump was expected. In the 4-hourly Bitcoin price chart, the trend flipped completely bullish with a maximum of losses recovered within just a couple of days.
Some analysts believe Bitcoin needs to close the highest monthly close in order to surpass the current ATH. One of the crypto analyst Lark Davis predicted that hitting $20K will be very fast.
Surprisingly, yet another analyst, The Moon predicts that Bitcoin would break $50K in coming 6 months.
Yet some of the other analysts still believe Bitcoin could revisit below $15K to fill the CME gap around which was created recently.
Institutional Investors Accumulate More Bitcoins
Bitcoin and the other altcoins experienced a drastic dip in the past week, where-in the Bitcoin price fell by almost $3000. The price which was very close to its All-time high suddenly crashed to $16,200 levels. Hence, providing an opportunity for many to ‘buy at the dip’.
As per a crypto trader and investor, Crypto Rand, Grayscale bought additional 7300 BTC probably at the dip moments, bringing to a total of nearly 100,000 BTC. Also other institutions like PayPal, Square, etc also acquired more bitcoins than it was mined in the previous month, which is expected to continue in coming days.
Therefore, more bitcoins held by the big institutions may cause a serious squeeze with the demand, resulting in price pump. At the time of writing, Bitcoin price stands at $18,495 with a price jump of 4.07 percent in the past 24-hours.
The RSI indicator is pretty bullish and the technical indicators point out towards ‘buy’ signal. Therefore, most of the indicators suggest Bitcoin price to surge in the coming days, however, small dumps may also be expected.
As mentioned earlier, it is very prominent for the Bitcoin price to record the highest monthly close which would give a larger push towards $20K.
Source: https://coinpedia.org/news/bitcoin-heads-towards-20k/
