Bitcoin price may rise to $60 thousand by mid-March

11-03-2021

In the cryptocurrency market, large investors continue to invest in digital coins and transfer them to cold wallets. This situation, according to experts, could provoke another rise in the bitcoin exchange rate. The number of coins on cryptocurrency exchanges decreased to 2.3 million, which is the lowest figure for a two-year period. This was reported by the publication BTC Peers, analyzing the analytical data of CryptoQuant. The source also emphasizes the continued decline of Bitcoin stocks.

A recent Glassnode report shows that the main correction trend for February remains unchanged. According to analysts, major Bitcoin owners are further accumulating assets, making it highly likely that the rate will rise in the near future.

This likelihood was previously stated by Binance CEO Changpeng Zhao. According to him, the cryptocurrency exchange is now building a unique model of investor behavior. Institutional traders have recently been actively buying up digital coins and withdrawing them from exchanges. Zhao notes the influx of most such players over the past year. Prior to that time, such a pattern had not been seen among investors.

Confirmation of the above is the increase in the rate of bitcoin on March 10 to $56,000. According to analysts, before the end of the week there is a probability that the price will rise up to $60 thousand. This situation is due to two recent news. First, the U.S. bank JPMorgan announced the creation of a basket of securities of firms related to the cryptocurrency. Second, the bank announced the resumption of negotiations with CME Group on the purchase of Bithumb (a cryptocurrency exchange from Korea). The platform has a market capitalization of more than 1 trillion dollars.

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