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Bitcoin price despite a massive pullback is expected to rally to smash the set target shortly
Huge outflows from the Coinbase exchange indicates the institutions accumulating and holding BTC without selling
Is Mooning Dollar Behind the Slump of Bitcoin Price Rally?
Bitcoin price rally halts at $50K, rejecting strong support levels and trends within a narrow range. It was speculated that the price is following the previous pattern, which included a slight pullback after a major push. Yet the price slashed miserably since the early trading hours.
One of the reasons for the pullback might be the strengthening of the dollar value which is surging for the past couple of days. The U.S. Dollar currency index (DYX) surged nearly 1.57% at the press time from 90.617 to 91.952.
Nevertheless, the crypto enthusiast believes the current dip as a slight correction that would ease out very soon. As per analyst Lark Davis, the current Bitcoin dump is a part of the plan for the BTC price roadmap to $60K.
As per the chart posted by the analysts, the price may slash to lower levels below $44,000 and surge massively to $60,000, breaking the W-shaped pattern.
How Will BTC Price Smash $60k?
In recent times, many institutional investors like Tesla have entered the bitcoin space and moreover, institutions like Microstratergy have increased their holdings. The average price, the institutions that bought bitcoin is above $40K, excluding the previous purchases of Microstratergy.
Hoping for a mega bull rally, the institutions seem to have held their holdings without closing their positions. As per Ki Young Ju, CEO of an on-chain analytics platform, the US institutions have not sold a single Bitcoin since their purchase.
The analysts also shed light on the accumulation of the assets by whales indicating a huge outflow of Bitcoins from the Coinbase exchange.
Moreover, on-chain Bitcoin users are growing at insane rates resembling the final weeks of the 2017 bitcoin bull run phase. And hence due to this reason, BTC may go mainstream according to analyst Willy Woo. Bitcoin price rally however is expected to resume once the correction phase eases out.