Bitcoin to Move Past $6,000 in Two Weeks but Set Stop Loss at $5k

The price of the asset bitcoin is floating around the $5,225 mark as it is showing major greens over the past few days. Many are expecting it to go further and break the upcoming resistance levels as well. The upcoming time is expected to be exciting for the asset and here are some of the predictions floating around regarding the asset’s behavior in the coming time. A crypto trader predicted bitcoin moving past $6,000 in coming two weeks and tweeted;

“Calling my shot.$BTC at or above $6k between May 1, 2019 and May 17, 2019.”

Another trader who goes by the name of Mr. Jay Crypto, is of the opinion that bitcoin will be touching the $5,500 level in a few days but also cautioned the traders to set stop loss at $5,000.

$BTC touched $5300 Today and based on the chart $BTC has a possibility of touching $5500 before the month runs out. #bitcoin #bullish #Crypto #cryptocurrency #blockchain
Set stop loss at $5000.

— Mr Jay Crypto (@MrJaycrypto) April 17, 2019

Institutions are getting interested in BTC

Since its inception back in 2008 after the global economic recession, the world’s leading cryptocurrency in terms of market capitalization bitcoin has not seen much institutional investment. With sudden spikes seen in between, it is now becoming more evident that the institutional interest is rising steadily over the past few months.

Institutional level Bitcoin #trading is ticking up month over month. Slow but positive trend for #Bitcoin $BTC.https://t.co/nEWnL9beeZ via @DiarNewsletter pic.twitter.com/RF0YILZXtl

— Morpher (@morpher_io) April 17, 2019

The recent uptick is also consistent as opposed to the erratic behavior that has been seen in the previous occasions. This signifies that there might be a steady institutional userbase for bitcoin building up at the moment. Institutional investment also carries much importance for bitcoin and crypto space overall due to the consequences that it might have.

Firstly, with institutional investment, bitcoin is expected to get a huge price boost as a large amount of institutional capital will be flowing into space which has largely been sitting on the sidelines up till now. With capital flow into this space and increased interest from big corporations, the value of the asset will increase making it a more credible currency for usage. Adoption by the general public will also increase as a by-product.

The main reasons for institutions staying away from this space has been the lack of regulation and manipulation, issues that have also kept the establishment of a crypto-linked exchange-traded fund (ETF) far away. Since the market capitalization is small overall for this nascent space, pump and dump strategies are often used by big whales in order to reap maximum benefits for themselves bringing the price up and down as they please. But as regulatory authorities such as the United States Securities and Exchange Commission (SEC) and  U.S. Commodity Futures Trading Commission (CFTC) are reviewing this space, legislation may help institutions gain access to this space easier and safer. With the increased market cap, the issue of manipulation will also get mitigated.

SEE ALSO: Institutional Investors Hold Bitcoin’s Fate, Suggests Ex Board Director North County Bar Association