BTC just dropped out below 33 000 and we are now below this structure right here so I think we can see even more downside….
should you buy the dip?
if this price goes lower here my
price targets right now:
31.000 – 25.000 – 21.000
I don’t expect bitcoin to go below its all-time high, but that’s my opinion.
When bitcoin went to be just above the all-time high before so we were almost at 20.000 dollars and then we dipped below the trend line once again and then we just had this massive move, which actually is more than one 100%.
Now let’s have a macro-perspective of what’s going on on the market:
Institutions are just buying, they were buying even before this dip, as you can see from grayscale investment bitcoin holdings, they had about 606.000 BTC and now they already have 640.000 BTC, they almost increased their holding of about 7% just within a week!
If institutions buy bitcoin, I’m sure they are expecting much more upside, so have in mind when you are selling you BTC, I think you are selling them to wales and to institutions !
One last more more thing; seems that recently Goldman Sachs is now entering crypto markets with a custody play also JP Morgan , Citibank are now exploring the possibility of adding cryptocurrency custody inside their banking system, Goldman Sachs will eventually looking at custody
but not becoming a brokerage, they will be rather outsourcing the brokerage systems.
Massive institutions are becoming part of the cryptocurrency scene, you will be able to basically hold your cryptocurrencies in almost any bank inside the united states and probably in many other places in the world as well.
Institutional adoption is happening more aggressively than before because of the crazy money printing we know and because cryptocurrencies are so hot and I think this is just gonna continue.
Keep in mind, that the thoughts expressed here are my own, and they should not be regarded as recommendations for any cryptocurrency trades, investments and etc. THIS IS NOT INVESTMENT ADVICE.