BTC price is set to break past the $6,000 mark for the first time since November last year buoyed by growing interest from institutional investors. Bitcoin is currently trading at $5,922 after a 2.52% gain in the past 24 hours according to coinmarketcap.com.
The resurgence that has seen BTC price gain over 50% this year alone has been the result of growing interest from conventional investment firms and technical analysts.
That is at least the idea of Jehan Chu who is a managing partner at Kenetic Capital. Speaking to Bloomberg earlier today he said “Bitcoin is testing new near-term highs because the overall institutional involvement is becoming stronger and stronger. We’re just seeing institution after institution lining up to the thesis of digital currency, and Bitcoin is the standard bearer.”
BTC price likely to find a new resistance
Yesterday we learned that one of the leading asset managers in the world, Fidelity was planning to buy and sell Bitcoin for its institutional customers in the coming few weeks.
According to Chu, this helps explain the positive momentum we are currently witnessing with the price of Bitcoin and that of other altcoins. He added: “Fidelity alone doesn’t move the entire needle, but Fidelity with E*Trade and Ameritrade and Robin Hood and a whole host. You’re seeing a critical mass of these types of asset managers and brokers providing retail exposure and retail access to crypto.”
With Bitcoin likely to break past the $6,000 mark soon some investors see the coin quickly finding a new resistance level. According to Charlie Morris who is the founder of ByteTree.com, a cryptocurrency price discovery site and also a fund manager, the token is likely to find new resistance in the $6,000-$6,500 range.
“It would be unsurprising if that former support became resistance — something that is quite normal in markets.”
Are we set to see more gains from BTC price and other altcoins on the back of growing institutional interest? Share your thoughts in the comment section below.