- “Institutional demand for Bitcoin remains strong”
- Bitcoin price to collapse further: Peter Brandt
Ki Young Ju, the founder and chief executive of the CryptoQuant analytics agency, has taken to his X account to share some good news with the global crypto community.
However, legendary trader Peter Brandt believes that Bitcoin is still bound to collapse as low as $60,000 in the short term.
“Institutional demand for Bitcoin remains strong”
Ki Young Ju shared that large financial institutions are still eager to accumulate Bitcoin. He provided data proving this statement. According to Ju’s tweet, custody wallets in the U.S. usually contain 100-1,000 Bitcoins each. This includes crypto exchanges, Bitcoin miners and companies that hold spot Bitcoin exchange-traded funds.
Ki Young Ju stated that over the past year, these wallets have purchased approximately 577,000 Bitcoins (worth roughly $53 billion), and BTC is “still flowing in.”
Since the launch of spot Bitcoin ETFs in January 2024, many financial institutions have been buying them to bet on the BTC price, with ETF inflows reaching close to a billion USD at peak times each week. Besides, many crypto treasury companies have emerged, following the example of Michael Saylor’s Strategy, and began accumulating Bitcoin to hold it on their balances long term.
Strategy remains a company with the largest Bitcoin treasury. Last week, they added a mind-blowing 13,627 BTC to their stash, worth $1.25 billion, and are now holding a total of 687,410 Bitcoins.
Bitcoin price to collapse further: Peter Brandt
Famous old-school commodities trader Peter Brandt has published a forecast, in which he predicts the pioneer cryptocurrency to plunge from the current $91,000 level to the $60,000 or even the $50,000 zone.
Brandt shared a chart, according to which the crypto market is likely to decline by a massive 40%. “58k to $62k is where I think it is going, BTC,” the trader announced to the community. Per Brandt, the correction from the price highs achieved by Bitcoin recently is far from over.
Besides, Brandt has criticized the popular “Bitcoin is going up forever” narrative, largely supported by BTC permabulls and Michael Saylor in particular. The trader believes that quantum computers may threaten Bitcoin in the future, hence, his firm doubts about Bitcoin’s unstoppable price appreciation.
Source: https://u.today/institutions-still-eager-to-buy-bitcoin-cryptoquant-ceo
