Bitcoin failed to consolidate its position above $50,000 for the fourth day after registering a new all-time-high last week above $58,000. However, this has not deterred institutional investors from buying the current Bitcoin dip as nearly 13k Bitcoins moved from Coinbase to multiple custody wallets. The purchase came at $48,000 apiece. Crypto analyst Ki-Young Ju believes the outflow of bitcoin out of exchanges is one of the strongest bullish signals especially when the outflow is bought by institutions.
Many expected the price to register an uptick post-MicroStrategy’s $1 billion Bitcoin purchase and Square’s $170 Million Bitcoin purchase, however, the current price seems to be following the trend of January when the price fell by 20% after touching new ATH of 42,000 and remained under $35k for more than 3 weeks.
Tesla’s $1.5 Billion purchase at the start of February helped Bitcoin price climb above $58,000, while MicroStrategy has no plans of pausing their bitcoin purchase having already invested a total of $2.1 billion until now. Square Inc, a Bitcoin payment processing giant started by Twitter CEO Jack Dorsey registered multi-billion dollar revenue in 2020 from Bitcoin sales on its platform. Apart from these known institutional giants rumors suggest currently four unknown fortune 500 companies are using Coinbase services indicating more institutions may reveal their Bitcoin purchase in the near future.
MicroStrategy CEO Michael Saylor recently conducted a Bitcoin conference attended by 1400 CEOs of publically traded companies and revealed that an estimate suggests nearly $25 billion in institutional money would flow into bitcoin by the end of this year. The conference was also held by Tesla and SpaceX CEOs after which the electric car maker announced their bitcoin purchase.
If going by the price trend of January, Bitcoin price could register an uptick by the end of February or at the start of the new month. Many believe the top cryptocurrency would top $100,000 by the end of this year.
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