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Bitcoin, the world’s leading digital asset, has had a turbulent recent experience, as its price crashed significantly despite market expectations. Although many investors have remained largely disappointed by the asset's fluctuating performance, Samson Mow, a vocal Bitcoin bull and the chief executive of Bitcoin adoption-focused company JAN3, has uncovered a bullish setup for BTC.
Institutional rush for Bitcoin exposure
In a post shared on X, Mow revealed what will likely see the world’s leading digital asset soar in a massive bullish run. Mow identified an unprecedented “rush” among traditional institutions for Bitcoin exposure.
Yuri MolchanAccording to Mow, central banks and huge pension funds have increased their interest in the digital asset and are seeking Bitcoin exposure. Additionally, public companies have ramped up their Bitcoin intake as they make more acquisitions. Interestingly, mining companies have also joined the quest for Bitcoin.
“This is an incredibly bullish setup. Plan accordingly,” Mow stated.
According to data from CoinMarketCap, Bitcoin’s price at the time of writing stands at $58,012.67, which represents a 2.66% drop in the past 24 hours. However, the market volume has risen significantly by 16.47%.
Is Bitcoin price correction on horizon?
Interestingly, Mow attributed the digital asset's current low performance to mispricing. He maintained that given the increased interest by these institutional investors in Bitcoin, the price would soon reflect the soaring demand. According to Mow, market forces will naturally correct the price and help Bitcoin regain its true value.
Tomiwabold OlajideAs previously reported by U.Today, Bitcoin recorded a momentary surge to $69,404, the highest level since June 12. While the figure represents a significant leap from the current price of Bitcoin, experts consider it the strongest bullish sentiment for the asset in the past 16 months.
Although Mow did not specify the likely price range that the incredibly bullish setup will take Bitcoin to, market watchers say the next few days will signal if the prediction holds.
Alex Dovbnya
Vladislav Sopov
Dan Burgin
U.Today Editorial Team