Bitcoin Price Touches $9,000 As it Becomes ‘Clear That We’re Experiencing Institutional Adoption’
- BTC price held during aggressive selling, typically a bullish sign for BTC
- “The asset class is experiencing increased validation from legacy companies” – Michael Sonnenshein, managing director at Grayscale
After two months, Bitcoin price touched $9,000 level yet again. For the past two weeks now, Bitcoin has been surging like crazy. Though we saw a slight pullback on Jan. 10, we were then off to soaring again.
On Jan. 14, we went to almost $8,900 and now today we were able to break above $9,000 level, going to $9,015 on Bitstamp. However, currently, we are trading at $8,926 while managing the daily trading volume of $1.14 billion.
Vegeta memes have been identified as the perpetrator of this drop in price as Whale Panda decries,
“Everyone posting Vegeta memes before the price was actually over $9000 on all exchanges is responsible for the dump.”
you mofos had to go and post vegeta memes and ruin everything didnt you
— 🍄🌲Benjamin Blunts🌲🍄 (@SmartContracter) January 17, 2020
“Typically a bullish sign for BTC”
Yesterday, trader Cantering Clark pointed the attention to how aggressively the lows were sold but the low never gave way. At that time, he said, “Bullish continuation is never clean. I wouldn't call a correction just yet.”
Investor and trader Josh Rager also saw bullish signs as he said, “When price holds during aggressive selling. It's typically a bullish sign for BTC.” As Bitcoin uptrends, Rager explains,
“Fixed range Volume Profile shows the importance of Point of Control (POC) for a major range to act as support.”
The point of control is the price at which the largest trading volume has been recorded over a time period. The Control Point (POC) can be seen as a center of gravity where the price is going to move.
In 2018, Rager observes, POC held as support at $6,400. Now, he expects the 2019 POC at $10,100 to act as a support. He said, “Price should stay above $10,100 on its way to new ATH.”
“The asset class is experiencing increased validation from legacy companies”
A bull market certainly seems to be in the making as traditional hedge funds, pensions and endowments boost the crypto holdings.
As we reported yesterday, the biggest Bitcoin trust provider, Grayscale Investment announced 2019 as its record year. It took in $608 million last year, surpassing the total amount raised in the previous six years.
What has been far more interesting was that the majority of the inflows, 71% vs 66% in 2018 came from investors like hedge funds.
“It’s clear that we’re experiencing institutional adoption,” said Michael Sonnenshein, managing director at Grayscale.
“The asset class is experiencing increased validation from legacy companies like Fidelity and CME, signaling to institutions and the investment community as a whole that crypto as an asset class is here to stay.”
Grayscale’s assets under management exceeded $2 billion while rivals like Mike Novogratz’s Galaxy Digital launched similar vehicles.