Bitcoin‘s (BTC) price took a hit and was trading at $59,297 at the time of writing; this is 4.65% below the price in the last 24 hours. Nonetheless, Samson Mow, the CEO of JAN3 and an influential Bitcoin supporter, expected a very bullish trend in the digital currency. Mow noted that increasing attention from institutional investors is a significant factor leading to a price increase.
Samson Mow Sees Bullish Trend in Bitcoin Market
Samson Mow also pointed out the attraction of cryptocurrency by central banks and large pension funds. The increased demand from institutional investors is a positive sign for the Bitcoin market, he said. He also pointed out that public companies have stepped up their Bitcoin purchases, which makes the asset even more solid.
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Besides financial institutions, companies involved in Bitcoin mining are ramping up their bids to buy more virtual currency. Samson Mow thinks that such interest from different industries is a perfect precondition for a sharp increase in the cost of Bitcoin. This is a classic ‘bullish’ scenario, Mow explained and advised investors to prepare themselves.
Bitcoin Rally Expected Amid Institutional Influx
According to Mow, Bitcoin’s current price drop is due to mispricing, which he stated does not capture the real market demand. He stated that institutional money will come into Bitcoin and cause some natural market rebalancing. In Mow’s view, this correction will bring the price of Bitcoin back in line with the increasing demand for virtual currency, thereby kick-starting a huge bull rally.
Central banks and massive pension funds are seeking #Bitcoin exposure. Public companies are ramping up their BTC intake. Public mining companies are now buying too.
This is an incredibly bullish setup.
Plan accordingly.
— Samson Mow (@Excellion) August 16, 2024
For instance, Bitcoin’s value has recently increased to $69,404, the highest since June 12. In this regard, Mow’s analysis implies that the market may review the current price and set it at the outlined peak. Consequently, Bitcoin may find its actual worth as institutional investments keep coming in.
Mow did not give a target price for Bitcoin, but his analysis has been seen by many in the market. The coming few days will likely determine whether the bullish forecast will pass.
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Also Read: Will Bitcoin Rise To $72k Or Fall To $40k? Analysts Have The Answer
