Bitcoin price rose with the influx of institutional investors that started in 2020. Cryptocurrency analyst Ki Young Ju studied at what levels these investors bought bitcoin. As a result of the examination, it was concluded that the price of bitcoin may not fall below 28 thousand dollars.
CryptoQuant CEO found that institutional investors purchased bitcoin in the range of 30 thousand to 32 thousand dollars. It is thought that these levels can form a basis for bitcoin and the market can get support from it.
May not fall below 28 thousand dollars
Ki Young Ju based on the amount of bitcoin output from Coinbase to determine the investment trend of corporate firms. It is assumed that a significant part of the bitcoins from the US-based crypto money company are transferred to OTCs and transferred to institutional investors from there.
The data in the graph show that the btc supply from the stock market reached its peak in the last three years on January 2. Based on current trends, Ki Young Ju made the following prediction:
“There are too many institutional investors who buy bitcoins at 30 thousand, 32 thousand dollars. It will be a purely speculative forecast, but if the Bitcoin price really rises thanks to this (investors) then they will keep the $ 30,000 level. Even if the price starts to decrease, it may not go below 28 thousand dollars. ”
Grayscale is over, investor may come
Grayscale opens the doors of the crypto money market to many institutional investors. The company stopped recruiting new customers on December 21, 2020, and paused for three weeks. Grayscale started recruiting customers earlier this week.
Another analyst, Joseph Young, said that if a new wave of investors is seen, the bitcoin price could go up.