An American business magazine which publishes articles on finance, investing and technology has had Bitcoin under its radar for a number of years for its blockchain technology and its investment opportunities ever since it minted the first set of millionaires.
Despite Bitcoins near stagnant price in the last week, some high profile investors still anticipate the price to purge to around $50,000 per coin in the next bull market at which point Bitcoin or more precisely cryptocurrencies as a whole would be sharing a significant market cap of gold.
A chain analysis found 85% of all Bitcoins held on exchanges belong to professional traders, the coins are dormant and not being exchanged at all. In fact 96% of the trading is done via retail investors who in 2020 account for a small overall piece of the pie. HODLing levels of this significance has not been witnessed since the bull market of 2017. Is there something the institutional investors know that we dont? Is the bull market closer than we anticipate with institutions placing their coins on exchanges but not trading, possibly expecting a price surge very soon and cash out?
Bitcoins price volatility is often severe with short but violent price spikes either way, but it usually follows only after a lengthy time of sideways action with it almost acting like a stable coin. Does this indicate we are due for a storm very soon after the calm has passed? Which way do you see the price swinging to? Forbes is anticipating a $50,000 coin soon...
Please note: This is not financial advice, please conduct your own research before investing. If you found this article helpful, follow for more to come on a daily basis.
Thanks for reading,
Vee
