For the first time in this Bitcoin rally, long-term investors are returning to buy BTC. The analysis in question was raised on twitter by the Documenting Bitcoin profile this Friday (9).
According to Glassnode data, the last time the market registered accumulation rates by former investors was in October 2020.
The rising marker is seen as predicting a new high. In this context, an expert also makes an optimistic analysis as to the valuation of Bitcoin in the coming days.
Heated market
Although the data allow for more than one reading, it is assumed that the end of the operations were precautionary movements.
With Bitcoin’s steady rise, possibly investors believed the market had reached its peak. In this perspective, withdrawal of investment was a way of ensuring profits.
However, the cryptocurrency saw no sharp decline, remaining at around $ 60,000. At the time of writing this article, BTC is quoted to R $ 328,592.67.
The resumption of positions assumes that investors are betting that the price of Bitcoin will exceed $ 60,000.
Specialist believes in high
To CriptoFácil, the CEO of BitcoinTrade pointed out some factors that may contribute to the breaking of the maxim.
For Bernardo Texeira, Coinbase’s public offering listing on the 14th is the first indicator. In addition to the Nasdaq IPO, the recent announcement of State Street may impact the appreciation of BTC.
The bank is assisting in the creation of a cryptocurrency “over-the-counter” platform for Wall Street financial institutions.
Although the company does not confirm whether it will be part of the group of investors to negotiate crypto, the statement generated expectations in the sector. Finally, Teixeira lists Fidelity’s Bitcoin fund in the U.S.
“In the medium and long term, the big factor that we believe will favor the rise of Bitcoin is the [movimentação da] Fidelity. One of the largest financial institutions in the world seeks approval from the US Securities and Exchange Commission [SEC, sigla em inglês] to launch a Bitcoin ETF, ”he added.
Actions that expand the market
Some factors made the cryptocurrency market soaring. However, two stand out: the economic crisis caused by the pandemic and the adhesion of institutional investors.
In analysis of the latter, Teixeira draws a parallel between the application of this group and the confidence generated in the global market:
“The entry of institutional investors helps the market in relation to investor confidence. In this way, more people decide to invest in cryptocurrencies, increasing their trading value, ”he concluded.
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