Crypto analyst explained bitcoin’s rise in price to $48 000
“Whales” and institutional investors have continued to accumulate BTC, Nicholas Merten claims
29.03.2022 - 16:10
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1 min
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What’s new? Crypto analyst Nicholas Merten believes that “whales” and institutional investors who continue to accumulate the cryptocurrency are behind bitcoin’s rise to $48 000. The analyst revealed this on his YouTube channel.
What does the analyst say? According to Merten, in the past couple of months, the macroeconomic environment has been causing a lot of concerns for the crypto market participants. The difficult geopolitical environment has led people to think that large investors are going to close their positions, Merten said. He explained that in fact “whales” continued to hold BTC, or increase their investments in the cryptocurrency.
What preceded it? On March 28, the price of bitcoin surpassed $48 100, and the cryptocurrency has risen in price by more than 16% in the past week. The traders lost more than $422 million as the crypto market surged, according to Coinglass.
Last week, the analysts at CoinShares recorded the largest inflow of funds to crypto funds in the last three months at $193 million. More than half of those funds came from bitcoin investments.
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