Bitcoin (BTC) lost value on February 26, failing to hold on to $50,000. Still, the industry has full confidence in the largest digital currency.
In his February 26 post, Mow stated that Bitcoin is constantly changing hands and moving from weak hands to strong hands.
#Bitcoin is in a constant state of flux, moving between weak hands to stronger hands. A pull back only enables us to move higher.
— Samson Mow (@Excellion) February 26, 2021
For some, the correction in the price of Bitcoin in the past five days wasn’t seen as worrisome but rather as an opportunity for institutional investors to buy.
For example, on February 23, financial services giant, Square announced investing another $170 million in Bitcoin. According to the company, the purchase represents about 5% of its estimated $4.4 billion cash reserves.
In addition, business intelligence giant MicroStrategy, a leading institutional Bitcoin investor, also bought $1 billion worth of BTC. The company’s total BTC reserves exceeded 90,000 after this acquisition.
In his response to a Twitter user who asked if it’s possible to see Bitcoin at $100,000 in May, Mow answered by saying “this is very possible.”
Mow is not the only person who thinks the Bitcoin bull market will continue. Blockstream CEO Adam Back also pointed out that institutional investors are continuing to buy BTC and cautioned those who sell Bitcoin for less than $50,000.
Mow is not the only name that has positive predictions about Bitcoin. Fundstrat
At the time of writing, Bitcoin, which has lost 4.25% in the last 24 hours, is trading at $46,743.
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