Will bitcoin continue to peak?

After hitting a new high last week, Bitcoin began to decline recall mode from this week's high of $ 66,999 to as low as $ 55,896 (European data) and fell as low as 16.6%. This makes a lot of entrepreneurs curious. Will Bitcoin continue to be bullish from a market perspective?

Mainstream market insiders believe Bitcoin's new highs last week were driven by investor expectations and confidence in the executives of the US Bitcoin ETF "ProShares" is expected to be listed on the NYSE Arca (NYSE Arca).

As we all know, institutions are the primary driver of the Bitcoin halving environment. Some call this contest the “bull market”. The main reason Bitcoin has recently rebounded and hit new highs is still the growing demand for housing. Market outlook, should the company continue to push Bitcoin to new heights, supporting the entire crypto industry going forward?

The organization's demand for Bitcoin continues to grow, pushing Bitcoin to new heights.

Analytical data shows the total turnover of Bitcoin held by organizations since the plunge of "5.19". As can be seen from the Bitcoin UTXO age distribution chart, it can be seen that from June to December, Bitcoin's share increased by 8.11% from "5.19" to 20.81% now. . A lot of money is entering the market to buy the fund regularly starting at "5.19".

According to Buybitcoin data, ETFs, countries, listed companies, etc., according to data held by the company, the company has a total of 1.48 million bitcoins. According to a study by the National Bureau of Economic Research (a private research organization), associations / exchanges currently manage around 5.5 million bitcoins, and an adult whale manages around 8.5 million bitcoins. In addition, the top 1,000 entrepreneurs manage around 3 million people.

Currently, the listed company with the most bitcoins is MicroStrategy in the United States, which currently holds a total of 114,042 bitcoins. After completing its investments in the advertising business, the company increased its bitcoin investments during the quarter, adding nearly 9,000 bitcoins, according to this year's quarterly financial statements.

The second holding company was Tesla with 40,902 bitcoin, which financial data showed did not sell bitcoin during the quarter. This means that Musk kept his promise of caution, represented by the disclosure of the "diamond hand" during the stock market crash of "5.19".

Looking at the number of Bitcoins held by the fund, Greyscale Bitcoin Trust holds 654,600 Bitcoins, which is still the largest holder. And recently, the holdings of the Purpose Bitcoin ETF, the first Bitcoin ETF, have increased, adding a total of 1,608.6 Bitcoins in 7 days, and now up to 23,493.57 (AICoin data), reports the Bitcoin company is claiming. Carry on. indicates an increase.

Now, the process for companies setting up cryptocurrency markets is even faster. Institutional investors interested in bitcoin and cryptocurrency mining stocks are on the rise, with around 15% of Wall Street brokers taking real Bitcoin, up around 5% at the start of the year, according to one. CoinDesk report today this Monday. At the end of July this year, Germany approved the first Spezialfonds (fixed funds) with stable market rules to invest up to 20% of its currency in Bitcoin and other digital assets. The funds currently manage around € 1.8 trillion ($ 2.1 trillion) in assets, and only companies such as pension and insurance companies can participate.

Last week, ProShares, the first US SEC-approved Bitcoin futures ETF, was listed on the NYSE High Growth Commission (NYSE Arca), opening the floodgates for businesses and investors to accept Bitcoin content.

From above, we can see that the demand for Bitcoin has increased over the past six months, and the fact that Bitcoin has hit an all-time high takes the price into account.

Will Strong Optimism Push Bitcoin To New Heights?

Fundstrat said in its statement, "Bitcoin has a starting price of $ 72,500, which exceeds $ 65,000, with a target price of $ 89,000." he writes. 22 october

Additionally, Katie Stockton, founder of Fairlead Strategies, said the price explosion will provide a good opportunity for a long time before Bitcoin hits its all-time high on Monday. Bitcoin's target price is estimated to be $ 89,800.

Many traders believe that Bitcoin's new high is the so-called "whale" (i.e. traders with large assets), according to investor expectations of US Bitcoin ETFs origin, including companies investing in digital assets. the value of Bitcoin) to increase investments. In today's low-risk environment, bank funds will always flock to higher returns on investments.

So how can a high-hope organization turn to energy to bring Bitcoin to an all-time high?

If you look at Bitcoin's 3rd round halving market data, you can see that the impact of organizations in the market has gradually increased. The more companies there are, the more companies and professionals there are, the higher the ratio, the higher the entrepreneur ratio. The increase in business not only affects the value of Bitcoin, but also affects the volatility of Bitcoin, which determines the characteristics of the entire Bitcoin market.

Compared to our Bitcoin halves, the overall structure of the Bitcoin market has been slow from its initial rise to its current downturn. is a more than 70% drop from the depth of the first upward correction during the second bullish of 2013. The daily drop was 65% and May's drop was only 55%, from $ 64,846 to a minimum of $ 28,808. Regular trading of financial derivatives such as contracts and the maximum daily loss of no more than 30%. .

Investors in a business are able to hedge more risk than investors, and their investment objectives are complex and varied.

In the current business environment of the past, it can be said that organizations and Bitcoin have developed a necessary partnership and new relationships. , in the blessing of the Bitcoin organization, the benefits are still being recognized and recognized, and its value continues to increase as a result.

In summary, it can be seen that the driving force behind Bitcoin's continued growth has been created by further increases in business demand for Bitcoin. Will future companies be able to complete the new record? Let's wait.