Bitcoin’s journey to $35K has got several people eyeing the king coin. While Bitcoin has managed to lure institutional investors into the crypto realm, the world seems to be speculating the future of the asset. With some predicting that the bull run could fuel the assets drive to $100K, a few others are staying cautious fearing the repetition of 2019. BitPay’s CCO Sonny Singh, however, has his own stance on the whole thing.
Bitcoin Could Lose Balance If Institutional Investors Start Selling Sooner Than Expected
A series of all-time highs was recently achieved by the king coin. BTC currently resides at $35,166.42, with a price change of 11.38% in the last 24-hours. Over the past few days, Bitcoin was seen retracing which was alarming for a few. However, the Chief Commercial Officer of BitPay, Sonny Singh pointed out that it was nothing more than a minor blip. While the members of the crypto community are overwhelmed by the adoption rate of the king coin, Singh suggested that institutional investors could say sayonara after garnering the profit they require, which could be sooner than expected.
Appearing in a recent interview with Bloomberg Singh said,
“A lot of the institutional buyers bought in around $20,000, so that would be my floor for how far Bitcoin could go down. 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.’”
Singh jumped on to the bandwagon and predicted that Bitcoin hit somewhere between $40K to $45K in the next month. While several have been putting out conjectures of Bitcoin being a bubble that’s ready to burst soon, Singh proposed that the king coin would not go lower than $20K. He suggested that the selling pressure of $200 million sell orders would cause a scene as the industry hasn’t witnessed it ever before. He added,
“That could cause a catapulting event to cause things to start going down pretty quickly and could see it go down from 45 to 40 to 35 down to 30 or things like that, but I think the floor would be $20,000.”