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Opinion: Institutions will not allow Bitcoin to fall below $ 28,000

Institutional players provided key support to Bitcoin. They first held the rate above $ 30,000 and then pushed the cryptocurrency upward, said Crypto Quant CEO Ki Yoon Joo.

According to him, many institutional investors bought Bitcoin at around $ 30,000.

“If these guys are behind the bullish growth, then they will keep the $ 30,000 level. Even if there is a collapse, it will not lead to a fall below $ 28,000,” said Ki Yoon Joo.

On January 11, the bitcoin price fell below $ 31,000, but then the quotes recovered to $ 33,000- $ 34,000. On January 14, the rate increased by $ 4,000 in 24 hours. At the time of writing, the cryptocurrency is trading at around $ 40,000.

Recall that the founder of the Galaxy Digital crypto bank, Mike Novogratz, is sure that the institutionalists have not yet “even come close” to satisfy their interest in cryptocurrencies.

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My profession is a journalist, but my hobby for 8 years has been studying Forex investing and trading. During this time, I managed to gain extensive experience in investing and trading cryptocurrencies and double my capital in the Forex market. To be the author of this magazine, the site owners invited me to participate in one of the 2020 trading webinars, and I will try to reveal the most relevant crypto market news for you.

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