According to Sonny Singh, CCO of the Bitcoin payment service provider, BTC could hit a price level of $45K in a month
Bitpayâ€™s Chief Commercial Officer is concerned about institutional investors as their movements significantly influence the price of assets. According to Singh, the million-dollar question at the moment is whether institutions will cash in their holdings soon or set up camp in Bitcoin for a while.
Singh stated in an interview with Bloomberg that institutional investors might be enticed by the high price figures and opt for a quick profit. The majority of these giant firms got in on the action when Bitcoin was exchanging hands at around $20,000 and their entry steered the assetâ€™s price higher to break its previous ATH. He went on to add that the firms are key in the current uptrend but they could easily sell their BTC stash.
â€œA lot of the institutional buyers bought in around $20,000, so that would be my floor for how far Bitcoin could go downâ€¦ All those buyers that bought in, they said â€˜Oh were into Bitcoin now for a three to five-year time horizon,â€™ which is great, but I think if Bitcoin hits $45,000 next month or so, theyâ€™re going to say, â€˜wow we just made 2x, you know, we donâ€™t need that three-year horizon anymore, letâ€™s start selling some.â€™â€�
Asked by Emily Chang [interviewer] if he believed that Bitcoin can eclipse $45,000 in the next thirty days, he answered it was possible as there is a lack of BTC sell pressure at the moment.
â€œLast month on this show, I said I thought it would hit $30,000 in the next three months and I was proven wrong very fast â€“ it hit $30,000 in the next twenty days. So now I think thereâ€™s very little sell-side pressure and to be honest with you I think it goes up to $40,000 or $45,000 pretty easily, I think.â€�
Singh also threw in a projection that national firms and even governments will jump onto the Bitcoin train if the asset spikes to a significant price. He referenced the current case of institutional investors saying that a few years ago, the mere thought of firms purchasing Bitcoin was implausible. Things are now different as several major institutions have flooded the Bitcoin market.