The current market price of Bitcoin (BTC) is $60,000, according to K33 Research, a research firm of the K33 digital asset brokerage company.
In a May 19 note, the crypto market intelligence firm backed up its claims by citing support for the crypto market from expanding institutional setups.
Bitcoin will not fall below $60K, with the help of institutional funds
In particular, Bitcoin investors consist of public and private institutions, ETF providers, and fund managers. It also includes hedge funds and brokerage firms, as well as pension funds and endowments.
According to CryptoQuant’s Bitcoin Fund Holdings Chartcryptocurrency has grown steadily among organizations. The post-2024 period sees significant growth.
Spot Bitcoin Exchange-Traded Fund (ETF) is the most popular cryptocurrency instrument offered by institutions, with BlackRock’s iShares Bitcoin Trust holding 817,138.2 BTC. The interesting thing is that BlackRock has kept BTC until January 2024.
Source: CoinMarketCap price
As for the holders of publicly listed companies, Strategy leads the competition, with 843,739 BTC following most of the time as of August 2020.
That said, the recent global upheaval has led to a surge in Bitcoin ETF providers fall back. Bitcoin itself saw $982 million in outflows in the week ending on May 15. However, their positions remain high compared to previous periods.
According to Ventle Lundehead of research at K33 Research, these conditions make an 80% price drop as witnessed in 2018 and 2022 highly unlikely. In fact, BTC should add up between $60,000 – $75,000 with no capitulation beyond that.
Liquidity is king
Arthur Hayes supports Bitcoin theory this year, saying that $125,000 is “the end of the future.” In a post saying that “liquidity is king,” he says that printing war funds, debt relief, and fighting AI inflation will ultimately push the money market higher.
With BTC trading at $77,442 at the time of writing, and having dropped to $59,600 this year, it is clear how geopolitical and economic factors will affect its future movements.
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