Bitcoin breaks $ 50,000 while institutions accumulate

The central theses

• Bitcoin has risen by almost 6% in the last 24 hours and has broken $ 50,000.
• The data show that institutional actors and whales have accumulated BTC.
• A crucial daily candle closure over $ 51,500 could drive the prices towards $ 60,000.

Bitcoin has risen over $ 50,000. Nevertheless, some of the most renowned analysts in the cryptocurrency industry have different prospects for the future pricing potential of the assets.

Institutional interest I n bitcoin rockets

Bitcoin has broken the psychological $ 50,000 brand for the first time since August 23. The bullish impulse seems to have assumed a significantly increased purchase pressure of institutional investors.

brightscope-CEO Mike alfred maintains that a large number of institutions have acquired Bitcoin in summer. Alfred believes that these companies will be published their BTC stocks at any time between September 7 and November 19, which could drive the leading cryptocurrency to higher highs.

Although his remarks may seem speculative, data from Arcane Research reveals for the first time since April. Such market behavior indicates that the institutes "have a strong conviction of another upward trend for Bitcoin". The report added:

"The Open Interest of Vermögenswalter at the CME was positive throughout August, whereby net engagement is currently $ 91.6 million, which has been the highest long engagement since January 21."

CME Bitcoin-Futures-Chart

Renowned analysts weigh a

Since institutional actors and whales continue to buy, Willy Woo is confirmed that Bitcoin steps into the "second major return of this bull market" is. The popular on-chain analyst claims that the current demand and offer dynamics BTC will give a price target of at least $ 60,000 within the next two weeks.

is even more important that Woo believes that the run would probably extend to 2022 due to the "macro-on-chain structure".

Despite the optimistic prospects from a fundamental point of view, the popular technical analyst Dave the Wave is not yet convinced. The chartist suspect that the recent upward movement is rejected by the resistance brand of 51,500 USD USD 20,000 or below.

A decisive closing course over the $ 51,500 mark could invalidate Dave The Wave's bear, which could be followed by the fast movement for the fast movement for $ 60,000.