BTC on the trap of Double Top
Updated
This has been exemplified through 2020 as Grayscale has reported back-to-back recording-breaking quarterly results. The assets under management (AUM) have exploded in the past 12 months to over $10 billion. Somewhat expectedly, the Grayscale Bitcoin Trust has the most substantial share.
The analysts asserted that if there’s a decline in the interest towards GBTC, this could damage the narrative that Bitcoin has become a favorite among institutional investors.
“A failure by the Grayscale Bitcoin Trust to receive additional inflows over the coming weeks would also cast doubt to the idea that institutional investors such as family offices have embarked on a trend of embracing Bitcoin as digital gold replacing traditional gold as a long-term investment.”
The analysts asserted that if there’s a decline in the interest towards GBTC, this could damage the narrative that Bitcoin has become a favorite among institutional investors.
“A failure by the Grayscale Bitcoin Trust to receive additional inflows over the coming weeks would also cast doubt to the idea that institutional investors such as family offices have embarked on a trend of embracing Bitcoin as digital gold replacing traditional gold as a long-term investment.”
Note
In 2017’s bull run, Bitcoin fell after reaching each new milestone. On December 8, 2017, 10 days before Bitcoin hit its all-time high, Bitcoin fell to $13,630 just two days after it hit its second highest price of that bull run, $18,268.Note
Psychology and selling pressures have kept bitcoin's price below $20,000.Note
The STABLE Act would force all stablecoin issuers to have bank licenses, a shot across the bow that portends an emerging legal challenge for the industry. will it make crypto market crash ???
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