According to Sonny Singh, CCO of the Bitcoin payment service provider, BTC could hit a price level of $45K in a month
Bitpay’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 asset’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.
“A lot of the institutional buyers bought in around $20,000, so that would be my floor for how far Bitcoin could go down… All those buyers that bought in, they said ‘Oh were into Bitcoin now for a three to five-year time horizon,’ which is great, but I think if Bitcoin hits $45,000 next month or so, they’re going to say, ‘wow we just made 2x, you know, we don’t need that three-year horizon anymore, let’s start selling some.’”
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.
“Last 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 – it hit $30,000 in the next twenty days. So now I think there’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.”
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.