Institutional investors continue to buy bitcoin

Plan B, author of the S2FX bitcoin price forecast model, revealed that a new wave of buying of the No. 1 cryptocurrency by institutional investors is now beginning. Indeed, on April 5, it became known that MicroStrategy, a company whose shares are traded on Wall Street, bought an additional 253 bitcoins, paying an average of $59,339,000 for each of them.

Thus, the amount of bitcoins that MicroStrategy has on its balance sheet has grown to 91,579 thousand BTC. The company shelled out $2.226 billion for these digital assets, which means it bought bitcoins at an average price of $24,311 thousand. Glassnode previously said that after the bitcoin price broke the $20,000 level in December 2020, “serious institutional investors began to actively enter the market for this digital asset.”

Another important sign of major bitcoin purchases was that earlier this week, on April 5, bitcoins totaling $257 million were withdrawn from the U.S. cryptocurrency exchange Gemini in just 10 minutes. These digital assets were presumably placed in “cold wallets,” meaning owners of such assets are focused on a long-term investment horizon.

Total bitcoin reserves on cryptocurrency exchanges continue to decline and now total less than 2.3 million BTC. Glassnode experts believe that when the bitcoin price drops to $57,000, the market will see an increased desire from investors to redeem this digital asset at that price level.

Plan B believes that bitcoin has a chance to be at the mark of $100,000 by the end of this year. Meanwhile, the famous entrepreneur Robert Kiyosaki said that in the next five years bitcoin may go to the level of $ 1.2 million, but he continues to prefer gold and silver in investments.