The Number of Whales Has Dropped Dramatically. Has Bitcoin begun to be retail?

 2021-04-02 08:34:00

According to U.Today news, JP Morgan stated in a report on Thursday that the decline in Bitcoin's volatility will prompt more institutions to adopt Bitcoin. Since the price volatility of this encrypted asset is not so drastic, professional investors will be more willing to use it as part of their investment portfolio. JP Morgan estimates that if Bitcoin can be comparable to private sector gold investment, its long-term value may reach $130,000. But the volatility of these two assets may take years to converge. So far this year, Bitcoin has risen by 102%, while gold has fallen by 9%.

 

Today, the price of Bitcoin continued to rise and exceeded $60,000, which was the first breakthrough since March 19. Analysts pointed out that with large institutions, such as Tesla, Akar and other companies investing in Bitcoin. Bitcoin is gradually evolving from a niche investment product to a digital gold for the public. So far, what can be expected is that if the global economy maintains a recovery trend in the second half of this year, and the tone of the US loose monetary policy remains unchanged, then The price of Bitcoin may reach $100,000, and investors can wait and see.

 

With the increasing market value of Bitcoin, the possibility of a few giant whales manipulating prices has become weaker and weaker, and Bitcoin has been attracting more ordinary investors to enter the game as the popularity of Bitcoin has become higher and higher. At present, Bitcoin is gradually becoming retail accounts.

 

JP Morgan Chase recently compiled data from payment providers that accept Bitcoin such as Square and PayPal and found that retail investors have purchased more than 187,000 Bitcoins as of this quarter, and 205,000 Bitcoins have been bought in the fourth quarter of last year. In contrast, the capital flow of Bitcoin futures investment funds and corporate announcements revealed that institutional investors bought approximately 173,000 bitcoins this quarter and nearly 307,000 bitcoins in the fourth quarter of last year.

 

The number of giant whales has also undergone significant changes recently. Data suggests that the number of giant whales holding at least 1,000 bitcoins has once again fallen sharply to the level of bitcoin prices in the $20,000 region in 2021. Retail investors seem to be surpassing institutions to become the main force pushing up Bitcoin's rise in the first quarter.

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Back to the market, Bitcoin touched $60K slightly but no further, it is hovering above $59,000 for a while. ETH reclaimed $2K and is trading around $1,985. The crypto market cap did not breach $2 trillion but the current market is still worth expecting.

 

From the perspective of technical analysis, the $60,000 price level is considered to be the first major resistance line in bitcoin’s way up. If it can stand still above the coveted $60K mark, then the following lines are expected to$60,500 and the all-time high of $61,805. Will BTC stand still above $60K in the following hours?

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DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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