According to Mow, central banks and huge pension funds have increased their interest in the digital asset and are seeking Bitcoin exposure. Additionally, public companies have ramped up their Bitcoin intake as they make more acquisitions. Interestingly, mining companies have also joined the quest for Bitcoin.
“This is an incredibly bullish setup. Plan accordingly,” Mow stated.
According to data from CoinMarketCap, Bitcoin’s price at the time of writing stands at $58,012.67, which represents a 2.66% drop in the past 24 hours. However, the market volume has risen significantly by 16.47%.
As previously reported by U.Today, Bitcoin recorded a momentary surge to $69,404, the highest level since June 12. While the figure represents a significant leap from the current price of Bitcoin, experts consider it the strongest bullish sentiment for the asset in the past 16 months.
Although Mow did not specify the likely price range that the incredibly bullish setup will take Bitcoin to, market watchers say the next few days will signal if the prediction holds.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
