Analysts at the CrossTower institutional investor platform believe that the interest of large organizations in Bitcoin will continue to support the BTC rate above $ 50,000.
Last month, the number of unique active Bitcoin addresses reached a new high of 22.3 million, driven by the growth of the first cryptocurrency. CrossTower analyst Martin Gaspar reported that the number of Bitcoin addresses holding more than 1,000 BTC has grown significantly in recent weeks. This means that institutions are willing to buy Bitcoin despite its relatively high cost.
Many institutional investors view bitcoin as “digital gold” and therefore enter the market on a “buy and hold” basis. This trend can be regarded as a continuation of the bullish rally. On February 21, Bitcoin exceeded $ 58,000. Many events influenced its growth: the statement of the Mastercard payment company about its readiness to support cryptocurrencies, the development of a platform for managing cryptoassets by BNY Mellon bank, as well as Tesla’s large investments in Bitcoin.
However, now the time has come for a correction – bitcoin managed to drop to $ 45,000. Despite the sharp drop in bitcoin, CrossTower experts argue that large investors will not allow bitcoin to trade below $ 50,000 for a long time. The prospects for the crypto asset market are still optimistic. Gaspar also noted a sharp decline in the number of bitcoins on centralized exchanges, while large volumes of stablecoins are stored on the wallets of cryptocurrency exchanges. This trend can also signal the continuation of the “bullish trend” in the market.
A few days ago, analysts at JPMorgan bank predicted a sharp drop in Bitcoin. This could happen if traders stop believing in USDT, as the issuer of this stablecoin – Tether – has been criticized for its lack of transparency in reserves.
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