Bitcoin (BTC) price reclaimed the $50,000 price on March, 1 as the market reacted to the bullish sentiments expressed by top financial organisations, Citigroup and Goldman Sachs. This sudden surge saw the leading digital asset rebound from its recent slump sunk to lows around $44,000 this past weekend.
Bullish momentum building after correction
Market data indicates that the price of one Bitcoin surged by than 16% from its low of $43,500 on Feb. 28 to reach the $50,000 level on March 1, before undergoing a short decline as it sought support within this range.
The Bitcoin’s price spike occurred in the back of positive news about the digital assets. This was led by none other than Microstrategy CEO, Michael Saylor, announcing that the firm had bought more coins. The CEO, who has become a darling of Bitcoin community, said that his company had acquired another $15 million worth of Bitcoin. This now brings Microstrategy’s total holdings to 90,859 BTC, making it one of leading institutional holders and showcasing the growing demand of the digital asset in the mainstream financial markets.
At the same time, Goldman Sachs announced that they would be restarting their crypto trading desk sparking excitement around the crypto community. The announcement comes at a time when institutional interest in bitcoin and cryptocurrencies is soaring. As such, some quarters in the crypto space felt that this was a big signal of the impeding entry of financial institutions into the space.
Not all are bullish
Despite the overwhelmingly positive outlook about Bitcoin, not all in the space share the same optimism. For instance, the renowned crypto trader Peter Brandt was quick to dismiss the influence of Goldman Sachs on the crypto space and their potential impact going forward. The seasoned trader tweeted that the move did not work out the last time the banker opened its trading desk in Dec 2017. Their timing back then was poor as the digital asset’s value continued to decline in the following months leading up to the infamous ‘crypto winter’.
— Peter Brandt (@PeterLBrandt) March 1, 2021
As at now, the crypto market remains divided in their outlook about the future, and more so that of Bitcoin. Opinions are split with various insiders sharing divergent views about the direction the digital asset market is going to take. Nonetheless, the mood appears to be generally bullish as expectations for higher price break outs are rife within the industry.