These smaller investors increased their BTC purchases at prices around $100,000. The increasing retail activity on the Bitcoin market reflects an influx of new investors. It demonstrates that the recent BTC surge is not caused by existing investors or whales artificially pushing the market up.
Additionally, the growing retail demand for Bitcoin might signify an accumulation-phase trend. If the ongoing trend continues, it could cement the adoption of BTC, potentially leading to a further price uptrend.
However, it is important to note that retail investors are historically more susceptible to panic during minor market fluctuations, often resulting in quick profit-taking. Therefore, Bitcoin could face increased selling pressure if volatility rises or market sentiment shifts negatively.
As of this writing, BTC’s price has been trading at $102,395, down 3.5% in the last 24 hours.
Meanwhile, BlackRock (NYSE:BLK) CEO Larry Fink recently forecast that Bitcoin could surge toward the $700,000 level. Fink said his prediction hinges on Bitcoin’s ability to attract broader institutional adoption. The CEO also revealed a potential Bitcoin investment with a sovereign wealth fund.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
