Samson Mow sees institutional interest as bullish indicator for Bitcoin's future price

From Investing.com

Date: August 16, 2024
Time: 04:00 PM:

Bitcoin has experienced a recent price crash despite market expectations, leaving many investors disappointed. However, Samson Mow, a prominent Bitcoin advocate, sees a bullish setup for BTC, pointing to a surge in institutional interest in the digital asset.

Traditional institutions like central banks and pension funds are rushing to gain exposure to Bitcoin, along with public companies and mining firms. This growing institutional demand is seen as a very bullish indicator for the future price of Bitcoin, according to Mow.

Currently, Bitcoin is priced at $58,012.67 with a 2.66% drop in the past 24 hours. Despite the decrease, the market volume has increased significantly by 16.47%, indicating ongoing interest in the digital asset.

Mow believes that the recent price correction in Bitcoin is temporary and fueled by mispricing. He anticipates that market forces will correct the price to reflect the increasing institutional demand for the digital asset, potentially leading to a significant price surge.

Bitcoin recently reached a high of $69,404, the strongest level in over a year, indicating a bullish sentiment for the digital asset’s future. While Mow did not specify any price targets, market observers are eagerly awaiting to see if his prediction of a bullish setup for Bitcoin holds true in the coming days.

Read more at Investing.com: Samson Mow Uncovers ‘Incredibly Bullish’ Bitcoin Setup By U.Today