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Bitpay CCO gives bullish impression on where BTC could go in February

Bitpay CCO gives bullish impression on where BTC could go in February

Quick take

1 minute read

  • Over the past few months, many people have been looking at the world of cryptocurrency in a much more serious light. 
  • Institutions and retail investors alike are putting their money into Bitcoin with many speculating that institutional investors are planning to hold onto their coins for years.

Over the past few months, many people have been looking at the world of cryptocurrency in a much more serious light. Institutions and retail investors alike are putting their money into bitcoin with many speculating that institutional investors are planning to hold onto their coins for years.

To that end, the chief commercial officer at Bitpay isn’t 100% sure on this. In his opinion, he believes that these companies could sell their holdings sooner than they originally planned, especially if the price is going to continue spiking.

Speaking in an interview with Bloomberg earlier this week, Sonny Singh said the following:

“A lot of the institutional buyers bought in around $20,000, so that would be my floor for how far Bitcoin could go down.”

He went on to say:

“All those buyers that bought in, they said ‘Oh were into Bitcoin now for a three to five year time horizon,’ which is great, but I think if Bitcoin hits $45,000 next month or so, they’re going to say, ‘wow we just made 2x, you know, we don’t need that three year horizon anymore, let’s start selling some.’”

Many institutions got involved in the crypto space towards the end of last year. Companies such as MicroStrategy have put a large amount of their profits into the leading coin.

Predicting Bitcoin to hit $45,000 by February is an ambitious price point to say the least. That being said, $20,000 was seen as an ambitious price point just a few months ago and now we are seeing bitcoin it’s an all-time high of over $35,000. Nothing is impossible but it is worth mentioning that we are not financial advisors and this is not financial advice. Please do your own research before investing in a cryptocurrency such as Bitcoin.

 

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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