‘Sustained institutional buying’ will hold Bitcoin above $50K: CrossTower

‘Sustained institutional buying’ will hold Bitcoin above $50K: CrossTower


In a report shared with Cointelegraph, institutional crypto trading platform CrossTower asserts that large investors will not let Bitcoin (BTC) fall back below $50,000.

According to the report, addresses holding over 1,000 BTC rose to record highs in January on the heels of sizable retracements — evidencing strong dip-buying from whales despite the relatively high price of Bitcoin.

Combined with positive business developments in the industry, such as Mastercard’s decision to integrate certain cryptocurrencies and BNY Mellon’s newly launched custody services, CrossTower believes the outlook remains bullish for the digital asset markets. The firm also described the growth of corporate Bitcoin treasuries, such as Tesla’s $1.5 billion BTC acquisition, as strengthening the bullish case.

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“We believe the record amounts of addresses holding 1,000+ BTC in recent weeks is proof of rising institutional interest and likely reflects the many headlines in January and February of institutional investors becoming active in Bitcoin,” Martin Gaspar, research analyst at CrossTower, told Cointelegraph.

He continued:

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