Bitcoin Price Won’t Nuke Below $25,000, Analyst Explains Why

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Bitcoin has the least possibility of crashing below $25,000 now that institutional involvement in the space is hitting a record high, says Ki-Young Ju. The on-chain analyst, who serves as the chief executive of CryptoQuant, said in a tweet Tuesday that investors and traders would treat $26,000 as their sessional support — a level with a higher “BTFD” sentiment, which stands for ‘Buy the F***ing Dip.’ He took his cues from data that showed the lengths and breadths at which institutions have mousetrapped the Bitcoin market. “16 percent of the BTC realized market cap is now owned by institutional investors,” claimed Mr. Ju after analyzing the total number of Bitcoin held by New York-based Grayscale Investments and in the mainstream companies’ reserves. The total amount came out to be worth $49 billion. Bitcoin’s realized market capitalization is about $186 billion. Psychological Support The latest developments have pushed Bitcoin further into…

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