Institutional cryptocurrency trading platform CrossTower assures that large investors will not let Bitcoin (BTC) fall back below $50,000.
According to the report, addresses holding more than 1,000 BTC rose to record levels in January after sizable pullbacks - indicating strong dip buying by whales despite Bitcoin's relatively high price.
Coupled with positive business developments in the industry, such as Mastercard's decision to integrate some cryptocurrencies and BNY Mellon's newly launched custody services, CrossTower believes the outlook remains favorable for digital asset markets. The firm also described the rise of corporate bitcoin vaults, such as Tesla's $1.5 billion acquisition of BTC, as reinforcing the bullish thesis.
The price of BTC briefly dipped below $50,000 on Monday, but has since regained a footing above $53,000. Despite the sudden correction, Bitcoin has strengthened by more than 12% over the past week. Year-to-date, the price of BTC is up nearly 85%, according to CoinMarketCap data.