Institutional investors remain focused on BTC

Technical analyst Ali Martinez believes that Bitcoin is ready for a price reversal. He points to the BTC price chart, where a “head-and-shoulders” — a bearish pattern — has been forming for the past seven days, indicating a potential change in trend. According to Martinez, the leading cryptocurrency can drop below $90,000.

By the end of November, Bitcoin had grown by almost 38%. Bitfinex suggests the flagship cryptocurrency has a solid chance to hit six figures in December, thanks to seasonal momentum. Experts note that historically, BTC grew, on average, by almost 40% in halving years.

Bitfinex analysts warn the crypto community of Bitcoin’s potential volatility triggered by long-term holders’ profit-taking and ETF outflows. Last week, clients withdrew over $135 million from ETFs, while long-term holders distributed 508,990 BTC.

“While this remains below the 934,000 BTC distributed before the March 2024 highs, the continued selling pressure requires sustained demand from ETFs and marginal buyers to avoid further pullbacks,” analysts clarified.

QCP Capital insists that Bitcoin still holds the interest of large institutional investors. For example, “Riot Platform are increasingly likely to halt BTC sales, with some considering expanding holdings,” experts explain. Meanwhile, Microsoft is contemplating purchasing BTC, which “underscores growing corporate interest in Bitcoin as a reserve asset.”