Institutional activity towards Bitcoin is up 8 times from 2017 and interest in buying dips has increased
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Answer Institutional activity towards Bitcoin is up 8 times from 2017 and interest in buying dips has increased
It’s been a rough week so far for bitcoin and cryptocurrency investors and traders.
The world’s largest cryptocurrency Bitcoin has fallen by 10% over the past few days and is currently trading below $60,000.
Several analysts have provided six-figure targets for bitcoin as they compare it to its bull run in 2017.
pointed out Mr. Daniel Ferraro, founder of IntoTheBlock, notes that institutional activity in Bitcoin is increasing rapidly.
Earlier on Monday, Ferraro wrote:
The average volume of bitcoin transactions over the past 7 days is >983 thousand.Read:Active Ethereum addresses reach their highest level on launch…details here
Roughly 8-fold from its 2017 high and 5-fold YTD through April, average transaction size was 1/3, meaning it was more speculative and retail-based.
On the other hand, Santiment indicated that there is a growing interest from traders to buy dips.
A little fear of the crowd is usually necessary to bring prices back to full height.
Is there an additional bitcoin correction?
At the moment Bitcoin appears to be finding it difficult to hold above $60,000 levels so far.
Renowned analyst Peter Bradent predicts that the price of Bitcoin could reach the $53,000 level based on the technical charts.
In his recent Bitcoin post, analyst Will Clemente noted:
Bitcoin is down $10,000 from the highs, the 4-hour oversold RSI.
We can see bitcoin between $50-53K and maintain the bullish market structure, where average buying will start to rise.
While we’ve been comparing the recent rally closely to the rally of 2017, bitcoin daily volumes are up 10 times from their manic peak in 2017.
Famous crypto analyst Lark Davis explains:Read:Ripple co-founder donates $25 million in XRP to a university
We can easily absorb a few billion selling pressure spread out over a few months.
Nothing is certain about the amount of the upcoming Bitcoin correction.
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