Bitcoin is up nearly 6% in the last 24 hours, breaking through $50,000.
Data shows that institutional players and whales have been accumulating BTC.
A decisive daily candlestick close above $51,500 could push prices towards $60,000.
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Bitcoin has surged past $50,000 again. Still, some of the most renowned analysts in the cryptocurrency industry have varied outlooks for the asset’s future price potential.
Institutional Interest in Bitcoin Skyrockets
Bitcoin has sliced through the psychological $50,000 barrier for the first time since Aug. 23.
The bullish impulse appears to have originated from a significant increase in buying pressure by institutional investors.
BrightScope CEO Mike Alfred maintains that a large number of institutions acquired Bitcoin over the summer. Alfred believes that these corporations will reveal their BTC holdings anytime between Sep. 7 and Nov. 19, which could propel the leading cryptocurrency to higher highs.
While his remarks may seem speculative, data from Arcane Research reveals that the net exposure of asset managers is positive for the first time since April. Such market behavior suggests that institutions “have a strong conviction on further upside for Bitcoin.” The report added:
“The open interest from asset managers on CME has been net positive throughout August, with the net exposure currently sitting at $91.6 million, which is the highest long exposure seen among asset managers since Jan. 21.”
Source: Arcane Research
Renowned Analysts Weigh In
As institutional players and whales continue to buy, Willy Woo affirms that Bitcoin has entered the “second great re-accumulation of this bull market.” The popular on-chain analyst maintains that current demand and supply dynamics give BTC a price target of at least $60,000 within the next two weeks.
More importantly, Woo believes that the run would likely extend into 2022 based on the “macro on-chain structure.”
Despite the optimistic outlook seen from a fundamental perspective, popular technical analyst dave the wave is not convinced yet. The chartist suspects that the recent upward price action will be rejected by the $51,500 resistance level, resulting in a steep correction to $20,000 or lower.
According to him, Bitcoin “has never come back to the Gaussian Channel [on the weekly chart] without then going on to go deep into that channel.”
A decisive close above the $51,500 level could serve as invalidation for dave the wave’s bearish thesis, which might be followed by the fast move to $60,000 that Woo has forecast.
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